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The Latest: Greek stocks hit 2-year high after new deal

Associated Press logo Associated Press 16/06/2017
Greek Finance Minister Euclid Tsakalotos, left, speaks with Italian Finance Minister Pier Carlo Padoan during a meeting at the office of the European Stability Mechanism in Luxembourg on Thursday, June 15, 2017. Eurogroup finance ministers meet later on Thursday to review the bailout program for Greece. (AP Photo/Geert Vanden Wijngaert) © The Associated Press Greek Finance Minister Euclid Tsakalotos, left, speaks with Italian Finance Minister Pier Carlo Padoan during a meeting at the office of the European Stability Mechanism in Luxembourg on Thursday, June 15, 2017. Eurogroup finance ministers meet later on Thursday to review the bailout program for Greece. (AP Photo/Geert Vanden Wijngaert)

LUXEMBOURG — The Latest on the deal to get Greece more financial aid (all times local):

11:55 a.m.

The main stock market in Athens has risen to a two-year high as investors breathed a sigh of relief that another Greek debt crisis has been averted.

At a meeting in Luxembourg on Thursday, the Greek government won the approval of its peers in the 19-country eurozone to get 8.5 billion euros ($9.5 billion) of bailout cash that will allow it to meet a big summer repayment hump.

It also got commitments, but no precise details, on future help on its debt repayments, including the possibility of linking them to growth. In addition, the International Monetary Fund said it may be willing to provide some financial assistance to Greece if it thinks the debt relief measures will make the country's overall debt mountain sustainable.

Simon Derrick, chief markets strategist at BNY Mellon, said that while the deal "might have proved the usual exercise in issue avoidance, the fact is that it's now unlikely that a fresh crisis will emerge in Greece in July."

The ATHEX index was up 1.7 percent at 813.41 in early afternoon trading.

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11:25 a.m.

Greece's government is praising a deal it has reached with the country's European creditors regarding its bailout, saying the final decision had met nearly all of Greece's demands.

Government spokesman Dimitris Tzanakopoulos said Friday the previous day's agreement with finance ministers from the eurozone countries, known as the Eurogroup, made clear commitments regarding Greece's debt load and supporting growth.

The Eurogroup agreed to disburse 8.5 billion euros ($9.5 billion) from Greece's third international bailout — an installment delayed for months — after the country delivered on a series of reforms that included further pension cuts and tax hikes. It also reiterated previous commitments on potential debt relief and raised the possibility of linking Greek repayments to growth. As part of the deal, Greece committed to producing budget surpluses until 2060, when not counting debt repayment costs.

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