FTSE surges on hopes of last-minute Greek deal

The FTSE 100 has opened 1.3% higher as investors hope that newly-submitted Greek bailout proposals will be enough to stave off latest default fears.

The blue chip index opened up 1.3% at 6,795 this morning, with European indices posting even stronger gains, after the Greek government offered new terms ahead of today’s summit of eurozone leaders. The likes of airline operator IAG rose 2.5% on hopes that Greece will secure additional bailout funds, regaining ground lost last week. Sky was the largest riser in the index, up 4% after the Murdoch family reportedly rejected approaches for its stake, but it is the Greek negotiations which remain the focal point of investors' attention. Kames' Milburn builds 10% buffer on Greece conc...