Greek bank stocks are soaring

Greek shares have soared on the news that a potential third bailout for Greece has been broadly agreed.

The stock market is up 1.72% to 702.08 as of 10:08am UK time.

Bank stocks were the biggest winners. Alpha Bank was up as much as 8%, while the Greek banking index, which accounts for around 10% of the stock market, surged 6%, according to the BBC. Shares in National Bank of Greece rocketed 10%.

Shares in Greek banks have been volatile, falling around 60% when the stock market reopened last week. But their bonds have proved much more resilient, with yields on National Bank of Greece bonds falling from 70% to around 19% according to a report from Markit.

The news also saw the euro pop up 0.11% against the dollar to hit $US1.1031 today.

Here’s the chart:

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