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FTSE bounces back as Greek deal announced

Wed, 28th Nov 2012

The top share index in the UK climbed higher on Tuesday as Euro ministers revealed that an agreement had finally been reached over the Greek financial crisis. By the close of trade the FTSE 100 was higher by 0,22 per cent reaching 5800.

Ministers finally reached an agreement over the future of debt-racked nation Greece and came to a deal which authorised the released of a further 43 trillion euros of aid. Of this, 34 trillion euros will be released next month with the remainder due to be paid out during the first quarter of 2013. However, not everyone is convinced about the optimism which surrounded the news, with some experts described as 'kicking the can down the road'.Another factor tempering the gain of the bluechips was the downgrading of the global outlook by the OECD. Slashing the forecast from 2.2 per cent to 1.4 per cent, the organisation said that both the US and the eurozone needed to address its respective problems 'decisively'.Banks enjoyed a good day of trading as investors sought out riskier assets. Both Lloyds and RBS were upgraded by brokers, helping their positions and sending them climbing by 2.92 and 3.51 per cent respectively.Also on the up was outsourcing giant Capita, higher by 3.16 per cent after it revealed that Staffordshire Council had named them as the preferred bidder for a new educational joint venture. If successul Capita would become a major shareholder in the project.
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