Greece lifted by another deal on debt

GREEK shares were buoyed today after its international creditors kicked the can down the road again to avert the threat of a summer funding crisis.

Athens’ stock exchange rose 1.5% as an International Monetary Fund compromise with Germany meant Greece will gain payments under its €86 billion (£66 billion) bailout.

The IMF dropped its demand for automatic Greek debt relief and there will be no haircuts on Greek debt. Both measures were opposed by Germany.

But the Germans have agreed to a fresh analysis of the sustainability of Greece’s debt pile in 2018, crucially on the other side of Bundestag elections.

CMC Markets’ Michael Hewson said: “This is another huge dollop of Euro-fudge.”