Greek stock market rallies as outline bailout deal reached with creditors

Prime minister Alexis Tsipras calls emergency sessions of parliament to vote on a86bn bailout measures, which will see further spending cuts imposed

Greece's stock market rallied on news that the indebted country and its creditors have reached an outline agreement over an a86bn (61bn) bailout.

Athens' benchmark ATG equity index closed up 2.1%, while the country's banking index also climbed 3%, although they remain down 15% and nearly 70% respectively since the start of 2015. Under the terms of the bailout the country's struggling banks would get an immediate a10bn and be recapitalised by the end of 2015, meaning "absolutely no risk of a haircut on deposits", a government statement said.

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