Global markets cheered on Monday, as Greece made a last-ditch offer to its creditors in a desperate effort to avoid defaulting on its debt.
Concerns over Greece have plagued markets for months. The country has warned it would be unable to pay a 1.5-billion-euro ($1.7 billion) bill to the International Monetary Fund (IMF) at the end of the month without further financial aid – something its creditors have refused to release without a firm commitment to additional fiscal reforms.
Over the weekend, however, Greek Prime Minister Alexis Tsipras submitted new proposals ahead of crisis talks in Brussels on Monday with the heads of the bodies overseeing its bailout – the European Commission, European Central Bank and IMF.
It comes as the head of the Eurogroup of euro zone finance ministers, Jeroen Dijsselbloem, said he hoped to reach a deal with Greece later this week. The pan-European Stoxx 600 index closed around 2.3 percent higher after the comments.