Euro-summit reaches agreement on Greece

Belgium's Prime Minister Charles Michel has announced that an agreement between Greece and its European counterparts has been reached.

Agreement
— Charles Michel (@CharlesMichel) July 13, 2015

News of the possible agreement sent Euro Stoxx 50 futures 28 points into the black and led to a spike in the euro/dollar to 1.1197. The Footsie has started the morning up by two tenths of a percentage point.

According to one report European Central Bank president Mario Draghi exited the negotiations through a side door after their conclusion.

The deal came after Euro zone leaders argued late into Sunday's night with Greece at an emergency summit in Brussels, urging the country to put reforms into place before starting talks on the third bailout request submitted by the country on Thursday.

The summit saw breaks for private meetings between Greek PM Alexis Tsipras and the French, German and European Union (EU) leaders throughout the 14 hours of talks. By Wednesday Greece was asked to put six measures into place, including tax and pension reforms and to prepare to implement further rapid reforms this month, a draft decision by Eurogroup finance ministers sent to the leaders showed.

Germany had stepped up pressure on Greece late on Sunday by warning that if the country did not agree to place up to €50bn in assets into an externally managed fund in Luxembourg for future privatisation as collateral it would not receive its possible €82bn-€86bn rescue, while raising the possibility of Greece taking a five-year time-out from the Eurozone.

You may also enjoy reading:

Greece's Syriza given 72 hours to keep country in the Eurozone