UPDATE: Greek minister resigns over debt deal

A Greek minister has resigned over the austerity measures agreed earlier today which were required for debt-laden country to receive a €130bn bailout and avoid default.

Yannis Koutsoukos, Greece's deputy Labour Minister, resigned over the proposals, saying the austerity measures were "painful for working people", according to Reuters.

No further details on the deal have been released.

ECB president Mario Draghi said at a news conference today that Greek Prime Minister Lucas Papademos had told him a deal had been reached.

Draghi would not reveal, however, how the ECB's holdings of Greek bonds would be treated. Sources close to the situation told Reuters the ECB is divided over whether it should sacrifice profits on its Greek bond holdings when private investors are being forced to accept up to 70% haircuts.

Greek officials said the ECB should hand back the profits, raising a potential €12bn.

Draghi also announced today the ECB has left rates unchanged at 1%.

The EuroStoxx climbed 0.76% to 2,532 and the French Cac 40 rose 0.81% to 3,437 shortly after the announcement.