LONDON – Relief at a bailout package for Greece drove global shares higher Friday after European leaders made sweeping changes to a rescue fund in an effort to seal larger economies off from the continent’s debt crisis.
News of the euro109 billion ($155 billion) package of loans for Athens caused the yields, or interest rates, on the country’s bonds to fall sharply. The plan promised to reduce Greece’s overall debt burden — crucial to helping it beat a path out the cycle of borrowing.
But the most radical part of the deal announced Thursday is that it allows countries to tap rescue funds before their borrowing costs reach a critical level, a plan that leaders hope will mean they can shore up faltering economies preventively and stop the march of the crisis.
Those steps were broader than expected, and the rally that began as the deal took shape Thursday continued strongly a day later. The euro also continued its surge, moving to $1.4407.
The FTSE index of leading British shares gained 1.1 percent to 5,962. France’s CAC-40 rose 1 percent at 3,855, while Germany’s DAX moved up 0.6 percent to 7,333.
Wall Street was also poised to open higher. Dow futures gained 0.4 percent to
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