Cautious Optimism Over Greek Deal

International markets surged today despite uncertainty over a solution to the debt crisis affecting Greece and the European Union.

Germany’s dax index gained more than 400 points in afternoon trading. Market analysts said there was a general sense of relief after eurozone nations expressed cautious optimism that a deal on Greece’s bailout was finally within reach this week.

Leaders from the 19 single-currency nations are gathering in Brussels. Though financial officials were unable to reach full agreement on a bailout for Greece, they did tentatively endorse new Greek proposals for spending cuts and reforms they would make in exchange for billions of euros in fresh loans. Still, prospects remain slim of a comprehensive deal to keep Athens from defaulting next week and falling out of the currency union.