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.
Learn about the markets and find spread betting tips at City Index.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.