13th July 2015
Stock markets in Europe climbed on Monday after eurozone ministers reached agreement on a third bailout for Greece.
The FTSE 100 in London was up 0.7 per cent, while the DAX in Frankfurt rose 1.3 per cent following the announcement after marathon talks in Brussels.
On the currency markets, the euro was trading down against the dollar having initially spiked higher.
Under the terms of the deal, state assets will be used as collateral to refinance Greek banks and talks are to begin immediately on bridge financing to keep the nation afloat in the near term.
However, doubts have been raised about how the Greek government can survive after voters strongly rejected a very similar deal in a nationwide referendum barely a week ago.
While Greece secured up to €86 billion of financing over three years, there is no provision for a reduction in the amount of debt the country owes.
Away from Greece, investors are looking ahead to a key week for corporate earnings on Wall Street and Federal Reserve chair Janet Yellen’s testimony to the Senate Banking Committee.
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