Markets set for boost as Greece nears bailout deal

European markets are expected to open in the black in early trading, boosted by growing expectations Greece is on the verge of securing a bailout deal.

Eurozone finance ministers are due to meet today to decide whether Greece has done enough to secure a €130bn bailout loan in order to avoid bankruptcy in mid-March.

The rescue plan will write off €100bn of debt, with private lenders accepting a 70% reduction.

The deal is expected to boost appetite for riskier assets and send markets higher.

In Asia, markets rose overnight in reaction to policy easing by China and expectations Greece will secure a second bailout.

Over the weekend Beijing cut reserve requirements for commercial lenders for the second time in nearly three months.

This led the Nikkei to climb 1.1% to 9,485, breaching its one-year moving average high of 9,427.