Greek banks gain on euro summit outlook

Greek bank shares gained 4.8% in anticipation of progress at a summit of euro zone leaders later in the day to agree on further steps to contain the debt crisis afflicting the region's periphery.
"Improved expectations on the outcome of the summit after comments from EU leaders for flexibility, reducing the interest rate (of bailout loans) and extending the repayment period are driving shares higher," analyst Nick Koskoletos at Eurobank Securities says.
The banking index outperforms the broader market, which is up 2.3%. Greek banks are up 2.4% since the start of the year.