Along with stock markets in Europe and futures contracts on Wall Street, the Tel Aviv Stock Exchange is up strongly this morning in response to the reports that Greece has reached an agreement with its creditors.
President of the European Council Donald Tusk reported via Twitter, "EuroSummit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms & financial support."
The details of the agreement are not yet fully known. It will be presented later today, and brought before the European Parliament for approval. Greek Prime Minister Alexis Tsipras said that the agreement would prevent the collapse of the Greek banking system.
According to unconfirmed reports, the European Central Bank has agreed to defer a €3.5 billion payment due from Greece on July 20. The rescue package offered to Greece amounts €86 billion over three years, in return for which the Greek government has agreed to carry out extensive reforms, including in its generous pensions and tax reliefs for public sector employees.
The Tel Aviv 25 Index is currently up 1.09%. Among the leading stocks, Bank Leumi is up 0.88%, Teva is up 0.47%, Bank Hapoalim is up 1.41%, and ICL (Israel Chemicals) is up 2.56%. Bezeq is down 1.21%.
The shekel has gained against the major currencies this morning. The shekel-dollar exchange rate is currently down 0.21% in comparison with Friday's representative rate, at NIS 3.769/$, and the shekel-euro rate is down 0.51%, at NIS 4.1764/€.
Published by Globes [online], Israel business news - www.globes-online.com - on July 13, 2015
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