Investors are in good spirits about the possibility of a workable Greek bailout for the first time in weeks, with the nation making significant steps toward reaching a deal with its creditors on Thursday by submitting a proposal for a three-year loan of at least €53.5 billion. Greece's proposed solution also concedes most of the austerity terms demanded by the country's European creditors — essentially, the same terms that Greek voters rejected in a referendum last Sunday.
While Athens' stock market remains closed, elsewhere the initial reaction has been very positive. "Markets love the Greek proposal," Bloomberg declared early Friday morning.
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