Global markets welcome latest Greek debt deal
The FTSE 100 is edging towards 5,800 early on amid a wave of optimism Greece will pass its five-year austerity plan.
Greece's parliament is set to vote today on the package of austerity measures the country needs to secure in order to receive another tranche of bailout money from the European Union and the International Monetary Fund.
Ahead of the vote, traders have been buoyed by yesterday's announcement by France that it had struck a deal with its banks who hold maturing Greek debt.
French banks agreed to rollover their Greek sovereign debt in a move which could provide a blueprint for other countries, and a resolution to the Greek crisis.
In reaction shares across Europe were higher, with London's leading share index up 15.79 points or 0.26% to 5,737 at 8.35am.
The Cac was also up 0.46% at 3,820 points, while German shares were ahead 0.46%, with the Dax at 7,140.
Early gains come after Wall Street gained overnight, with the Dow rallying 109 points or 0.9% to 12,043 despite data showing consumer spending stalled in May.
US consumer spending was up 0.2% in May, compared to 0.3% in April, as rising inflation increased pressure on household budgets.
In Asia, the Nikkei advanced 76 points or 0.8% to 9,648, with the markets optimistic Greece will come to an agreement over its austerity package and subsequently avoid a default.
Brent crude is up 0.51% to $106.53 a barrel, recovering from its four month low.
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