Following Greek government’s decision to abandon its request for a “haircut”, the markets took a breather.

Also opens the way for meetings between the Greek Minister of Finance and the ECB President as well as with his German counterpart.

The decision led to a rally in the Greek stock market and crated declines in yields on Greek bonds.

Varoufakis proposal on debt had a positive impact and resulted to a stock market soar today, with  general index on Athens Stock Exchange recording an explosive increase of 11.2% at 840 units.

The almost unheard-of increase almost replenished the total loss that was recorded since the beginning of the year.

Noteworthy, is also the turnover on trades, exceeding the 200 million euro.

Furthermore, bank shares of Alpha Bank gained 13.94% to 0.376 euro, of the National Bank at  20.7% + at 1.22 euro, of Piraeus bank 18.37% at 0.625 euro and of Eurobank 21.43% at 0.153.

A similar situation was noted in warrants, where the descriptive title of Alpa rose by 37.8% to 0.51 euro, the Piraeus by 34.6% to 0.167 euro and the National Bank by 29.1% to 0.186 euro.

It is also worth noting, that the General index noted a 845 points high on the 23^rd of January, while on the 28/1 dived up to 708 units.

At the same time today, yields on Greek bonds have dropped down to less than 10%, from yesterday’s  11.2%.

Correspondingly three-year bond stands at 16% from 20%.
Yanis Varoufakis proposal statement to Financial Times for exchanging debt with new bonds instead of a “haircut” has been perceived by the international press as pragmatism evidence from Greek side, which will allow a deal with Europe and the IMF and prevent a potential rupture, which frightened investors.