European shares climb at open after Greek vote

GMT 10:32 2015 Thursday ,23 July

Arab Today, arab today European shares climb at open after Greek vote

Greece's parliament
London - AFP

European stocks rose at the open on Thursday, with sentiment lifted after Greece's parliament passed legislation on reforms crucial to securing bailout funds from its creditors.

In initial trade, London's benchmark FTSE 100 index added 0.65 percent to 6,710.74 points, Frankfurt's DAX 30 won 0.79 percent to 11,520.67 points and the CAC 40 in Paris also advanced 0.79 percent to 5,122.85 compared with Wednesday's close.

The Greek bill passed by a resounding 230 votes out of the 298 members of parliament present, after a marathon debate stretching into the early hours.

The vote was a key test of Prime Minister Alexis Tsipras' authority after he suffered a major rebellion in his leftist Syriza party at last week's vote on a first tranche of tough reforms demanded by Athens' creditors.

Tsipras is negotiating a new bailout worth up to 86 billion euros ($93 billion) over three years.

The legislation covers changes to the civil justice system, a bank deposit protection scheme and measures to shore up the liquidity of Greece's banks -- reforms that had to pass if Athens was to move forward in bailout negotiations with its creditors.

"With a strong majority, the Greek parliament passed the second tranche of creditor-specified reforms on Wednesday evening, in the process clearing the final hurdle required of the country before third bailout talks could formally begin," said Spreadex trader Connor Campbell.

"The 36 rebellious Syriza MPs could still cause problems down the road for Alexis Tsipras, but for now, at least, he has the green flag to chase that much needed bailout package."


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