Markets gain as Greece passes austerity bill

Global markets have opened firmly in the black, with sentiment boosted after Greece’s parliament voted to approve a new round of austerity measures.

The measures, which were demanded by the eurozone and IMF in exchange for a €130bn bailout package, have eased the prospect of Greece defaulting on its debts.

However, they triggered a wave of riots in Athens with protesters setting more than 40 buildings alight.

Despite the unrest, global markets were buoyed by the deal being struck and all leading global indices are trading in the black.

The FTSE 100 broke through the 5,900 barrier on the opening bell gaining 0.84% or 49 points to trade at 5,901.

Banking stocks fared the strongest as Barclays shot up 2.8% to 240p and Royal Bank of Scotland was also a notable early riser, up 1.7% to 28p.

Meanwhile, the French Cac is up 0.89% to 3,403, while the German Dax has gained 0.71% to 6,740, at 8.30am.

Asian markets gained after the austerity measures were passed. Japan's Nikkei index gained 0.58% to 8,999, despite the country posting a GDP contraction for the fourth quarter.