Greek bank shares surge after cabinet reshuffle

ATHENS: Greek bank stocks surged on Friday after a cabinet reshuffle which analysts say may re-establish political stability ahead of a vote of confidence and the passage of a fiscal consolidation plan.

Bank stocks rose by as much as 4 percent and the general Athens stock index was up 2 percent.

"The reshuffle is being viewed positively by the market. It creates conditions of stability even though the situation is still critical," said Nikos Christodoulou, an analyst at Merit Securities.

Copyright Reuters, 2011