Europe's finance ministers approved in an emergency meeting a "stabilization mechanism" that could provide at least 440 billion euros (US $560 billion) for a crisis aid package aimed at ensuring financial stability across Europe.
On Sunday, the International Monetary Fund approved a 30 billion euro ($38.6 billion) loan for Greece as part of a larger European Union-led effort to help ease the country's economic crisis.
The three-year deal makes about 5.5 billion euros (US $7 billion) immediately available to Greece's battered economy, the IMF said in a statement announcing the loan.
The emergency measure comes just a week after stock markets experienced heavy losses and as large scale protests plagued the Greek capital of Athens.
Financial markets across Europe and Asia surged while the euro strengthened against the dollar Monday, hours after Europe's finance ministers approved the package.
By mid-morning trading, the Paris CAC 40 was up by nearly 7 percent, London's FTSE 100 edged above 5 percent, while the Frankfurt DAX was ahead by 4.67 percent. In Asia, Tokyo's Nikkei index closed up 1.6 percent, while Hong Kong's Hang Seng advanced to 2.54 percent by the close of play.
The euro soared above $1.30 from $1.2755 on Friday.
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Do you think the EU resuce package will do enough to help save countries like Greece, Spain and Portugal? Is the rescue package big enough?
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