Greek Compromise Details Emerge Sending Stocks Higher

Greek stocks rose on Wednesday after reports of a compromise plan from its international creditors — although Greece insisted it had not formally received any new proposals.

The European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) on Tuesday drafted the broad lines of an agreement to put to the Greek government, according to Reuters, in a bid to resolve months of tense negotiations over Greek reforms and debt.

On Wednesday, the Financial Times reported details of the proposals, including the requirement for Greece to post a primary budget surplus of 1 percent of gross domestic product (GDP) this year. This would be expected to rise to 3.5 percent in 2018 and is significantly below the target of 3 percent included in the country’s existing EU/IMF bailout.