Asia cheers Greece's 11th-hour proposals to avert default

Asian shares got the week off to a strong start and U.S. stock futures and the euro firmed on Monday, after Greece scrambled to avert defaulting on its debt with last-minute proposals aimed at appeasing its creditors. Many investors were still cautious about Prime Minister Alexis Tsipras's proposals because it was not immediately clear how far they yielded to creditors' demands for additional spending cuts and tax hikes, nor whether creditors can stomach the offer. The chief-of-staff to European Commission President Jean-Claude Juncker sent a tweet calling the latest proposal from Greece to resolve its debt crisis a "good basis for progress" in talks at an emergency euro zone summit meeting later on Monday.

Asia cheers Greece's 11th-hour proposals to avert default source: http://finance.yahoo.com/news/u-share-futures-leap-greece-025128708.html