European Stocks Rise as Chinese Recovery, Greek Debt Proposals Buoy Markets

London (July 9)  European stock markets rose on Thursday as the Greek government prepared to submit detailed proposals to secure its third bailout. Indices were also buoyed by a recovery in China, where authorities intervened to stem a plunge in Chinese stocks.~~LONDON (TheDeal) -- European stock markets rose on Thursday as the Greek government prepared to submit detailed proposals to secure its third bailout. Indices were also buoyed by a recovery in China, where authorities intervened to stem a plunge in Chinese stocks.

Greece has until the end of Thursday to present new proposals for the bailout. Eurozone finance ministers will study them over the weekend before a summit on Sunday, the deadline for the two sides to secure a deal. Greek banks will remain closed, with a €60 ($66) daily limit on ATM withdrawals, until at least Monday.

In London, the FTSE 100 was up 0.83% at 6,544.61. In Frankfurt, the DAX rose 1.51% to 10.909.05, and in Paris, the CAC 40 gained 1.62% to 4,714.23.

Source: TheStreet