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Greece debt: FTSE 100 jumps on hopes of Greek deal Greece debt: FTSE 100 jumps on hopes of Greek deal
(about 5 hours later)
(Noon): Shares in London and across Europe have risen sharply on reports that Greece will accept most of its creditors' bailout conditions. (Close): Shares in London and across Europe rose sharply on reports that Greece will accept most of its creditors' bailout conditions.
The FT reported that Greek Prime Minister Alexis Tsipras had sent a letter on Tuesday saying Greece would accept most of the conditions offered last weekend. The FT reported earlier that Greek Prime Minister Alexis Tsipras had sent a letter on Tuesday saying Greece would accept most of the conditions offered last weekend.
The news ignited European markets, with the FTSE 100 up 1.4% at 6,613.82. The news ignited European markets, with the FTSE 100 up 1.24% at 6601.86.
Germany's Dax index was up 2.2%, while France's Cac 40 index jumped 2.6%. Germany's Dax index was up 2.15%, while France's Cac 40 index jumped 1.94%.
The news also led to Greek bond prices rising, cutting their yields, and yields in Spanish, Italian and Portuguese bonds also fell.The news also led to Greek bond prices rising, cutting their yields, and yields in Spanish, Italian and Portuguese bonds also fell.
On Tuesday, Greece missed its deadline for a €1.5bn payment to the International Monetary Fund (IMF),On Tuesday, Greece missed its deadline for a €1.5bn payment to the International Monetary Fund (IMF),
It meant Greece is the first advanced country to fail to repay a loan to the IMF and is now formally in arrears.It meant Greece is the first advanced country to fail to repay a loan to the IMF and is now formally in arrears.
Two key meetings are to take place to discuss aid for Greece on Wednesday. In one, officials with the European Central Bank (ECB) will decide whether to grant an emergency loan to Greece. Two key meetings took place to discuss aid for Greece on Wednesday. In one, officials with the European Central Bank (ECB) talked about whether to grant an emergency loan to Greece.
In the second, eurozone finance ministers will discuss Greece's latest proposal for a third bailout. It would last two years and amount to €29.1bn. In the second, eurozone finance ministers discussed Greece's latest proposal for a third bailout. It would last two years and amount to €29.1bn.
On the currency markets, the euro fell 0.3% against the dollar to $1.1105. The pound fell 0.1% against the euro to €1.4094 and was 0.3% lower against the dollar at $1.5655. On the currency markets, the euro fell 0.52% against the dollar to $1.10830. The pound fell 0.13% against the euro to €1.40880 and was 0.62% lower against the dollar at $1.56110
On the London market, banks saw some of the biggest gains, with Royal Bank of Scotland up 3.4%. On the London market, banks saw some of the biggest gains, with Royal Bank of Scotland up 3.19%.
Airline shares were also higher after the government's Airports Commission recommended the building of a third runway at Heathrow.Airline shares were also higher after the government's Airports Commission recommended the building of a third runway at Heathrow.
Easyjet shares rose 3.8% while British Airways owner IAG was up 2.3%. Easyjet shares rose 2.39% while British Airways owner IAG was up 1.58%.