Global stocks boosted by signs of progress in Greece talks
Source: AP
By ELAINE KURTENBACH
TOKYO (AP) Global stock markets were boosted Monday by signs the latest reform proposal from cash-strapped Athens was receiving a positive response from European leaders.
KEEPING SCORE: Britain's FTSE 100 gained 1.1 percent to 6,787.41 and Germany's DAX surged 3.3 percent to 11,406.06. France's CAC 40 advanced 3.2 percent to 4,967.12. Wall Street looked set for a strong start for the week, with both Dow and S&P 500 futures up 0.9 percent.
GREEK CRISIS: Leaders of the eurozone were holding an emergency summit Monday seeking agreement between Athens and its international creditors on how to avoid a default and potentially disastrous Greek exit from the euro. Greece faces a June 30 deadline to make a 1.6 billion euro ($1.8 billion) loan repayment to the International Monetary Fund, which it now is unable to make. With even bigger payments to the European Central Bank due in July, negotiators were evaluating a fresh proposal from Greek Prime Minister Alexis Tsipras.
THE QUOTE: "Markets were encouraged by the welcome given to a new proposal from Greek Prime Minister Tsipras. The European Commission said that the new offer is a good basis for progress, which could unlock a protracted impasse in bailout talks," Bernard Aw, a market strategist at IG, said in a commentary.
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