European Shares Advance Amid Optimism of Greek Bailout Agreement

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European stocks advanced amid investor optimism that Greece can reach an agreement on bailout terms with its euro-area creditors.

The Stoxx Europe 600 Index added 0.6 percent to 372.94 at the close of trading, after earlier rising as much as 0.9 percent. Greek Finance Minister Yanis Varoufakis faces his euro-zone counterparts on Feb. 11 at an emergency meeting in Brussels. He said his government will neither tear up the existing bailout deal, nor allow the budget to be derailed, while Greece will implement about 70 percent of reforms included in the accord.

The European Commission denied an earlier report from Market News that it will table a compromise proposal at Wednesday™s gathering. The plan being worked on is to keep Greece in the euro area, although expectations are œlow for a final pact this week, the commission said.

German political leaders have said any extension of assistance to Greece must come with strings attached. Chancellor Angela Merkel said in Washington on Monday that the existing aid programs would be the basis for negotiations with Greece, and that she would wait to hear what its government has to say.

Source : Bloomberg