Morning in brief: Greece receive further bailout money, Oil prices rise to nine month-high
The conditions for Greece’s €130 billion (£110 billion) bailout package have finally been agreed, with a more severe haircut for private debt holders.
Oil prices have surged to a nine-month high and HSBC has pledged £4m in credit to internationally facing SMEs.
Greece will receive €130 billion (£110 billion) in loans from the international community in exchange for reduce its debts to 120.5% of its GDP by 2020, reports the BBC. Holders of Greek government debt will be forced to take shoulder steeper losses as the deal requires 53.5% bond haircuts.
Escalating tensions with Iran have pushed oil prices to their highest levels for nine-months. Bloomberg says that the Greece agreement, reached last night, has spurred prices upwards as the confirmation of the bailout package has improved prospects for fuel demand.
HSBC is making more than £4 billion in credit available to small and medium size businesses that are internationally focused, according to Reuters. HSBC is reportedly one of few European banks increasing exposure to trade finance
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