European Stocks Gain Traction On Greek Debt-relief Deal

European stocks started the day in positive territory after Greece's creditors signed up to long-delayed debt-relief measures for the Mediterranean country. In London, the FTSE 100 was recently 0.63% higher at 6,258.73, while on the mainland the Dax added 0.90% to 10,147.48 in Frankfurt and the Cac 40 gained. 61% to 4,458.67. Investors across the region were in a buying mood, a day after the International Monetary Fund and euro-area finance ministers signed up to the release of EUR10.3 billion ($11.5 billion) of aid, mainly to help Greece service its debt. A first disbursement is scheduled for June, with subsequent installments to be made after the summer and based on Greece reaching certain milestones related to the sale of state assets, bank governance and to its energy sector. In the Greek capital, the Athens General Stock Exchange General Index climbed 1.5%, S&P 500 mini futures were up 0.29% at 2,081.00. Meanwhile in Europe, a slew of corporate news pulled stocks in both directions. In London, Marks & Spencer slumped 8%.

 

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