Europe: Stocks open higher on tentative Greek deal

[LONDON] Europe's main stock markets opened higher on Monday after eurozone ministers tentatively agreed to extend Greece's bailout by four months.

London's benchmark FTSE 100 index advanced 0.40 per cent to 6,942.70 points compared with Friday's close.

Frankfurt's DAX 30 rose 0.90 per cent to 11,150.47 points and the CAC 40 index in Paris added 0.85 per cent to 4,872.13.

Greece was putting the final touches to reform proposals due to its European creditors on Monday, seeking to balance its commitments under a debt deal with curtailed anti-austerity ambitions.

European finance ministers gave Athens the deadline on Friday to present proposals that would convince its creditors to grant a four-month extension of its debt bailout.

"The positive open comes after news late on Friday that Greece and the Eurogroup had reached a tentative agreement for an extension of its bailout for four months," said Mike van Dulken, head of research at trading firm Accendo Markets.

"The deal calls for Greek and European officials to agree to a series of reforms by the end of April, with Greece due to present a first list of reform measures - still subject to validation by the International Monetary Fund, the European Central Bank and the European Commission - today."

AFP