ROME: European stocks closed a choppy session mostly higher Wednesday, as investors watched developments in Greece’s debt negotiations.
The Stoxx Europe 600 index rose 0.5% to 372.10, its third straight gain. France’s CAC 40 index added 0.4% to 4696.30, and Germany’s DAX 30 index rose 0.2% to 10911.32. The U.K.’s FTSE 100 index slipped 0.2% to 6860.02, hurt by a decline in oil-company stocks.
Greece’s Athex Composite index gained 0.9% to 848.04, after surging 11% Tuesday on news the country’s new government was pulling back on demands for a reduction of its debt.
The new government in Greece remained in the spotlight Wednesday as both Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis continued their separate European tours to drum up support for a debt deal with greater leniency on repayments.
Speaking after a meeting with European Central Bank President Mario Draghi , Mr. Varoufakis said they had a “very fruitful” discussion and that his government has “unwavering determination that it can’t possibly be business as usual in Greece.” Mr. Varoufakis will meet German counterpart Wolfgang Schauble in Berlin on Thursday.
Mr. Varoufakis also revealed Wednesday that Athens has started talks with the International Monetary Fund—one of the country’s international lenders— on a debt-swap deal that would see some of the existing government debt exchanged with bonds linked to future growth, according to Reuters.
Greece and its lenders have to agree on a debt deal before the bailout program officially ends on Feb. 28, or the country could risk running out of money and default on its debt.
