The euro zone’s finance ministers approved Greece’s new bailout plan Tuesday, after Athens submitted reform proposals at the 11th hour. The approval will pave the way for the final instalment in Greece’s bailout to be paid, and allow it and its official creditors to proceed with discussions for a new program over the next four months.
The Eurogroup’s green light sent Greek government bond yields sharply lower. By 14:30 GMT the Greek 10-year yielded 8.675 percent, down from 9.568 percent on Monday. The Athens stocks exchange, meanwhile, was trading 8.8 percent higher.
Earlier Tuesday Greece’s Finance Minister Yanis Varoufakis sent a list of reform proposals to the euro zone at around midnight on Monday, just making a deadline set by its international creditors.
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