Greek-Related Shares Soar On Possible Bailout Breakthrough

Shares of several beaten down companies related to Greece soared Friday on news of a possible breakthrough on bailout talks.

Eurozone finance ministers drafted an outline that could form the basis for extending Greece's bailout, Reuters reported Friday.

Shares of the National Bank of Greece NBG jumped 20 percent to $1.93; Alpha Bank A.E. ALBKY gained 13 percent to nearly $0.13 a share and IRF European Finance Investments Ltd. nearly doubled in value to $0.015 a share on the London exchange.

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The exchange-traded fund Global X FTSE Greece 20 GREK gained nearly 12 percent to $14.33 while Piraeus Bank SA BPIRY and EFG Eurobank EGFEY gained 8 percent and 11 percent, respectively.

German Chancellor Angela Merkel appeared to soften a stance against extending the bailout Friday, with a spokeswoman quoted by BBC calling Greece's request "a starting point for further talks."

But Der Spiegel reported Friday that a major German bank had prepared contingency plans for Greece's exit from the eurozone.