Market up beat in hope for Greek deal

Market participants are positive on today's Euro zone summit, hoping that even if a deal is not reached, a consensus will be, which will pave way for a deal before several deadline ends by June 30^th.

• Greece needs to payback IMF €1.6 billion by June 30^th. The extension of the European Financial Stability Fund (EFSF) bailout program, which was done in February end, will expire on June 30^th.

Many see today's high profile summit has the last opportunity to bridge the gap between Greece and its creditors. According European economic commissioner, Pierre Moscovici, a deal is likely to be reached by both sides.

However according to many, negotiation might continue till the very end date.

Market as of now is very much up beat in hope for a deal.

Euro is taking a correction, but remains elevated at 1.1328.

Greek stock market is rallying with some stock are up more than 10% for the day.

Greece's 10 year borrowing cost have eased, now close to 12.5%.

Eurostxx 50 is up 3.7% while German DAX is up 3.13%.