Stocks rise as eurozone ministers and IMF reach Greece deal
City Index November 27, 2012 2:15 PM
<p>The major European stock indices have climbed on news eurozone ministers have thrashed out a Greek debt deal.</p>
The major European stock indices have begun the day's (November 27th) trading with a rally on news the eurozone's finance ministers and the International Monetary Fund (IMF) have succeeded in reaching a deal on Greece's bailout.
They have agreed to cut Greece's debt by €40 billion (£32 billion) and will release the next tranche – worth €44 billion – which is cash the troubled Mediterranean nation sorely needs.
Greek prime minister Antonis Samaras has welcomed the deal by saying "a new day begins for all Greeks".
As well as freeing up cash for the debt-addled country and easing its financial pressures, the deal has also cut the interest rate on loans to Greece and will return €11 billion to Athens in profits from European Central Bank purchases of Greek government bonds.
At 08:35 GMT, the German Dax rose by 0.6 per cent to 7340.6 points, while the Cac 40 advanced by 0.6 per cent to 3524.4 points.
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