Greek Debt Crisis: Markets Boosted by Tsipras Offering a Plan to Eurozone Creditors

The markets breathed a sigh of relief this morning after Greek PM Alexis Tsipras met the deadline to present his proposals for debt relief to the eurozone financial leaders. The FTSE100 opened up 72.84 points, as the possibility of a Grexit receded. Recovery of the Chinese markets also helped the FTSE to rise.

The euro also rose against the pound.

Tspiras’ new proposals will now be discussed by Greek MPs, who will vote on whether to back them.

The proposals include tax rises and cuts to pensions; in fact many of the things that last Sunday’s referendum rejected with a resounding “Oxi” are in there, which means he is likely to face opposition from members of his own Syriza party.

But opponents may have to accept the proposals because of the cold hard fact that if the Greek banks are not able to reopen next week, the country’s economy could implode.

For more on the Greek debt crises, go to ADVFN’s Greek Crisis page: http://uk.advfn.com/greece-crisis.

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