The Dubai Financial Market (DFM) General Index rose 1.7 per cent, with Abu Dhabi’s main benchmark climbing 0.9 per cent to its highest level since October 2. Saudi Arabia’s Tadawul All-Share Index rose 0.8 per cent to its highest intraday level since October 2008.

A bull market is defined as an increase of 20 per cent or more. The DFM has risen 22.6 per cent since January 16.

Full article via The National - http://www.thenational.ae/thenationalconversation/industry-insights/economics/greek-debt-deal-boost-for-markets

EU bailoutGreek deal key points

1.Private investors have accepted 53.5 per cent losses on Greek bonds. This will reduce Greece’s private-held debt by 107 billion (Dh520.93bn).2.Investors also agreed to a lower “coupon”, or interest rates, than initially discussed on the 30-year bonds that will replace existing Greek loans. The interest on the new bonds will be 2 per cent, between February 2012 and February 2015, then rise to 3 per cent for the next five years and to 4.3 per cent from February 2020 to February 2042.

3.The average interest on bonds over the 30 years is 3.65 per cent. This will be paid by Greece to private investors.

4. Euro-zone governments will accept losses on Greek bonds. This will cut the country’s debt by 1.8 percentage points by 2020.

5. To make sure Greece honours its debt obligations, Athens will have to deposit its repayments, such as next month’s €14.5bn, into a special holding account. Six officials from the so-called troika of the EU, the IMF and the European Central Bank will have “a permanent presence” in Athens to ensure reforms agreed to under the package are implemented.