The euro jumped to $1.1170 against the dollar this morning after Belgian Prime Minister Charles Michel tweeted this morning that a deal had been reached between Greece and its creditors which will allow it to be bailed out for a third time.
After 17 hours of talks between Greek and Eurozone leaders, Michel tweeted: "Agreement"
The FTSE 100, Dax and Cac were all expected to rally for a third day.
As she left the meeting this morning, Lithuanian President Dalia Grybauskaite said the two sides had "almost, almost" reached a deal - although talks were ongoing. Some commentators suggested that at 17 hours, the meeting was the longest-ever summit.
Earlier, reports also suggested it had been a night of "high tension", with Alexis Tsipras, Greece's Prime Minister, capitulating on many of the ultimatums presented to him during the negotiations, but still sticking on two points - firstly, the involvement of the International Monetary Fund (IMF) in a deal, and secondly, a proposal under which Greece would put €50bn (£36bn) of assets into a fund in Luxembourg.
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