Global markets have given the thumbs up to news coming out of Greece.
The Greek government said it is now ready to sign on to a bailout package it threw out just days ago, a dramatic reversal of its earlier position.
That gave stocks a jolt, with Germany’s DAX index rising 2.3%, France’s CAC up 2.3% and the U.K. FTSE index adding 1.3%, extending earlier gains.
U.S. stock futures also advanced on the news. The euro was relatively steady against the U.S. dollar, buying $1.11.
Global stocks sold-off earlier this week as uncertainty over Greece’s future escalated and the country headed for a July 5 referendum that could decide its fate in the eurozone.
Events took another surprise turn on Wednesday.
Greece’s government broadly accepted the conditions attached to releasing more cash in a letter sent to European leaders and the International Monetary Fund late Tuesday.
European finance ministers will meet later Wednesday to discuss the Greek government’s new stance.
Even if the about-face is given a favorable reception by the country’s creditors, it won’t signal the immediate end of Greece’s financial crisis.
That’s because the only mechanism for Europe to hand over rescue loans expired at midnight. And Greece defaulted on a payment to the IMF Tuesday.
