27 November 2012
Last night’s deal on Greece’s debt between European finance ministers and the International Monetary Fund won a cautious welcome from financial markets this morning.
The euro strengthened, hitting a one-month high against the dollar and the FTSE 100 rose by 25 points.
Finance ministers in Brussels agreed a package of debt restructuring for Greece which they said would bring the eurozone struggler’s debt-to-GDP ratio to 124% by 2020. It is projected to reach 170% this year. The deal releases a €34.4 billion (£27.8 billion) aid tranche Athens needs to recapitalise its banks.
