European creditors

Greek creditors hopeful new government will deliver reforms

As the eurozone's 19 finance ministers were meeting in Luxembourg to discuss the country's outlook, Greece's left-led government was set to submit its draft 2016 government budget to parliament.

Greece: Revolt over austerity deal reaches Cabinet

The belt-tightening measures, which include higher sales tax rates on everything from condoms to race horses, were agreed upon with eurozone leaders to prevent the Greek economy from collapsing, and as part of planned third bailout worth 85 billion euros ($93 billion).

It means recession-hit Greeks will have to pay more for most goods and services by the end of the week.

Stocks rise as Greece gets bailout deal with creditors

KEEPING SCORE: France's CAC 40 added 1.9 percent to 4,998.33 and Germany's DAX rose 1.3 percent to 11,457.69. Britain's FTSE 100 edged up 0.8 percent to 6,723.91. U.S. shares were set to open higher. Dow and S&P 500 futures both rose 0.7 percent.

Greece reaches deal with creditors, avoids euro exit

The terms of the deal, however, will be painful both for Greeks and their radical left-led government, which since its election in January had vowed to stand up to the creditors and reject the budget cuts they have been demanding.

Before it can get 85 billion euros ($95.07 billion) in bailout cash and support for its banks to reopen, the Greek government will have to pass a raft of austerity measures that include sales tax increases, reforms to pensions, and labour market reforms.