(MENAFN- AFP) Greek stocks rose more than 3.0 percent shortly after the opening of trade on Wednesday amid optimism of a deal between Athens and its international creditors to end the country's bailout standoff.

The benchmark Athex Composite index rose 3.26 percent to 860.65 points after Greece said it would seek a six-month extension of its European loan agreement while sidestepping the duties of a full-blown bailout.

Europe and Greece are racing to reach a deal to prevent Greece from crashing out of the eurozone, after talks in Brussels ended in acrimony on Monday.

The European portion of the 240-billion-euro ($270-billion) bailout expires at the end of February and Greece's creditors insist it needs extra financing to stave off the risk of a default and a eurozone exit.