The Greek PSI bond, charted

Clearly, the sense that Greece has stepped away from the brink of getting kicked out of the eurozone is the key driver, coupled with expectations that Brussels will give Athens a loan repayment extension.

Recent comments by eurozone officials quoted by Reuters that Athens could use funds from privatisations of state-owned assets to retire debt also don't hurt: "The privatisation process is finally kicking in, the structure is ready," the official said. "You could expect a few billion euros from privatisation to buy back debt. This could happen relatively quickly."

The debt swap plan seems to be working, then, but we wonder for how much longer...