Global Stocks Rise on Greek Deal Optimism

Stock markets have risen on the hope that a deal may finally be agreed between Greece and its creditors, after Athens submitted fresh proposals to try and avoid defaulting on its debts.
Paris and Frankfurt markets were up 3%, while London’s FTSE 100 was 1.4% higher. Japan’s Nikkei closed up 1.3%.

Greek PM Alexis Tsipras is meeting with his country’s creditors later.
If a deal is not agreed, Greece risks defaulting on a €1.6bn (£1.1bn) loan repayment due at the end of June.

The proposals submitted by Athens have been received positively by its creditors – the International Monetary Fund, the European Central Bank and the European Commission (EC) – and by its eurozone partners.

“I see the work that has been done,” said French Finance Minister Michel Sapin. “It is quality work.”
He added: “A deal requires both sides to evolve. This work is underway and is being undertaken in good conditions.”

Earlier, a representative of the EC said the proposals represented a “good basis for progress”.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza