"The worst case scenario of a disorderly default has been cast aside, and this is a relief for the market"
- Benoit Peloille, equity-market strategist at Natixis
Swiss stocks edged higher on Friday after Greece reached its target for bondholder participation in the bond swap.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, gained 0.56%, or 34.58 points, to 6,188.51. The broader Swiss Performance Index rose 0.61%, or 34.66 points, to 5,681.28.
"The worst case scenario of a disorderly default has been cast aside, and this is a relief for the market," said Benoit Peloille, equity-market strategist at Natixis in Paris.
"But the long-term solvency question remains. The question of Greece's future may come up again and other aid packages can't be ruled out."
© Dukascopy Bank