Greece offers new proposals to avert default, creditors see hope

Greece took a step back from the abyss on Monday with the presentation of new budget proposals that euro zone leaders welcomed as a basis for a possible agreement in the coming days to unlock frozen aid and avert a looming default. European Council President Donald Tusk, who chaired an emergency summit of leaders of the 19-nation currency bloc, called the Greek proposals "a positive step forward". European stock markets and Greek assets surged on Monday on hopes of a last-minute deal to ease a crisis that is threatening to drive Greece out of the euro and weaken the foundations of the European Union's single currency.

Greece offers new proposals to avert default, creditors see hope source: http://finance.yahoo.com/news/greece-offers-proposals-avert-default-002950887.html