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World

Market jitters ease on hope for Greece deal, EU welcomes signs of progress

Associated Press
Published | Updated
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    Vacationers are seen on cabin balconies of the 347-meter Quantum of the Seas cruise ship docked at the port of Piraeus near Athens, Monday, May 18, 2015. Greece's cash strapped government is examining ways to improve tax collection from the country's key tourism sector as it struggles to continue payments to bailout lenders. (AP Photo/Petros Giannakouris) (The Associated Press)

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    Hundreds of cars are parked at the Public Property Management Organization (ODDY) during an auction in northwestern Athens on Tuesday, May 19, 2015. The ODDY frequently auctions state and confiscated vehicles with hundreds of people trying to buy them at low prices. Greek Finance Minister Yanis Varoufakis said Monday that he expects an agreement with bailout creditors within the next week, which would save the cash-strapped country from fast-approaching bankruptcy. (AP Photo/Thanassis Stavrakis) (The Associated Press)

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    Hundreds of motorcycles are parked at the Public Property Management Organization (ODDY) during an auction in western Athens on Tuesday, May 19, 2015. The ODDY frequently auctions state and confiscated vehicles with hundreds of people trying to buy them at low prices. Greek Finance Minister Yanis Varoufakis said Monday that he expects an agreement with bailout creditors within the next week, which would save the cash-strapped country from fast-approaching bankruptcy. (AP Photo/Thanassis Stavrakis) (The Associated Press)

ATHENS, Greece – Market anxiety eased in Greece after the country's finance minister, Yanis Varoufakis, said he was confident of reaching a deal with bailout creditors as soon as next week.

Shares were up over 3 percent on the Athens Stock Exchange in early afternoon trading Tuesday, while bond yields retreated from a Monday spike, with the 2-year rate dropping by more than a percentage point to 22.9 percent.

Greece's new left-wing government is struggling to agree on terms for the release of remaining bailout money needed to avoid a summer default.

In Brussels, EU Commission spokesman Margaritis Schinas said the troubled negotiations were making progress, "albeit at a slow pace."