Greek progress lifts appetite for euro, global shares

LONDON (Reuters) - Relief over the passing of austerity measures
by the Greek parliament saw bank shares lead European stocks higher on
Monday, while the euro also gained even though more steps are needed
before the shadow of a messy debt default can be lifted.

Greece must still detail how a further 325 million euros ($428.6
million) of spending cuts will be reached, and give binding assurances
the full plan will be implemented before when euro zone finance
ministers meet on Wednesday to decide on whether to grant a new 130
billion-euro bailout.

"A Greek agreement for austerity was always going to be short term positive for the euro," said Paul Robson, currency strategist at RBS.

The euro was up 0.8 percent at $1.3280, recouping some of the losses
made on Friday and about a cent below a two-month high of $1.3322 hit
last week.

"We will see a fair degree of two-way price movement in the euro until Wednesday when the finance ministers' meet and we have to see whether what Greece has agreed to is sufficient enough for its creditors," Robson said.