Europe: Stocks rally at open on Greece hopes

[LONDON] Europe's main stock markets opened with strong gains Monday as Greece appeared on course to end a five-month stand-off with international creditors over bailout repayments.

In Frankfurt, the DAX 30 surged 2.50 per cent to stand at 11,312 points shortly after the open and the CAC 40 in Paris rose 2.12 per cent to 4,917.23 points.

Outside the eurozone, London's benchmark FTSE 100 index won 1.03 per cent to 6,779.88 compared with Friday's close.

France's finance minister on Monday hailed the "quality" work in Athens' latest proposals to end Greece's debt crisis, hours before European leaders were to hold an emergency summit on the issue.

"I see the work that has been done. It is quality work," Michel Sapin told French radio. "A deal requires both sides to evolve. This work is underway and is being undertaken in good conditions." Earlier, the office of European Commission President Jean-Claude Juncker said the proposals, which the Greek premier detailed in a phone call with German, French and EU leaders, offered "a good basis for progress."

AFP