European summit strikes bailout deal to keep Greece in euro

Greek Prime Minister Alexis Tsipras. (Reuters)

Greek Prime Minister Alexis Tsipras. (Reuters)

Greek Prime Minister Alexis Tsipras yielded to creditors’ austerity demands after almost 17 hours of talks at a euro-area summit in Brussels ending about 9am on Monday.

“It’s been a laborious night,” International Monetary Fund Managing Director Christine Lagarde said as she emerged from the meeting. “It’s a good step to rebuild confidence.”

With Greece running out of money and its banks shut the past two weeks, the gathering was billed as the country’s last chance to stay in the euro. Tsipras has been in financial limbo since his government missed a payment to the International Monetary Fund and allowed its second rescue package to lapse on June 30.

The euro zone’s blue-chip Euro STOXX 50 index rose 1.3%, while the pan-European FTSEurofirst 300 index was up 1%.

Germany’s DAX, France’s CAC and Britain’s FTSE 100 rose 0.6 to 1.4%.

The euro zone’s banking index also advanced 1.5%.

US stock-index futures advanced, signaling equities will rise a third day.

E-mini contracts on the Standard & Poor’s 500 Index expiring in September climbed 0.2% to 2 073.5 at 8.17am in London.
Futures on the Dow Jones Industrial Average gained 54 points, or 0.3%, to 17 723. – Bloomberg, Reuters

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