The European stocks were seen at green on Tuesday, supported by the release of Greece 3 billion euros ($3.9 billion) emergency aid by the euro zone finance ministers. The first installment of 2.5 billion euros will be made to Greece this month, while the rest will be made by October, according to reports.
The pan-European Euro Stoxx rose 0.80% to 2,672.00 as the market opened, while the French CAC 40 gained 0.73% to 3,852.10. In Germany, the DAX index advanced 1.08% to 8,054.30, while the UK FTSE 100 edged up 1.16% to 6,524.00.
The International Monetary Fund (IMF) will give 1.8 billion euros by August, while the central banks in the euro zone will give 1.5 billion in July and October.
“Greece is on the right track in many ways, but there have been delays in some areas,” German Finance Minister Wolfgang Schaeuble said to reporters after the euro group meeting. “It is right to proceed on a cash-on-delivery basis and step by step and make the disbursements as Greece’s financing needs arise.”
Finance ministers from the EU are expected to meet at the Economic and financial affairs council in Brussels later today, to finalize whether Latvia will be a part of the euro zone by next year.
The euro zone economy has minimized since the fourth quarter of 2011. Unemployment rates in Spain are at 26.9% high and lower in Austria with 4.7%.
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