Roundup: Athens Stock Exchange rise as crucial Brussels talks on Greek debt deal underway

The Athens Stock Exchange (ASE) general price index is on the rise on Monday reflecting optimism for a positive result in Brussels, as talks are underway for a deal on the resolution of the Greek debt crisis.

By noon, as Greek Prime Minister Alexis Tsipras had launched a series of critical talks with European leaders on the latest draft proposal ahead of this evening's summit, ASE had posted a remarkable 8.03 percent rise compared to Friday.

Following a first meeting with the President of the European Commission Jean-Claude Juncker, the Greek leftist leader said it was time for a "viable solution" that would lead Greece back to growth within the eurozone with social cohesion.

Tsipras outlined the revised proposal Greece submitted in the early hours of Monday.

"Our aim is to achieve an economically viable agreement with the view to leaving behind excessive primary surpluses, saving pensions and salaries, avoiding excessive and unreasonable increases in electricity for middle class families, restoring normality in labor relations and at the same time promoting the necessary structural and legal reforms aimed at redistributing the burden, combating tax evasion and corruption. These are our key points for an agreement," he told media.

Juncker, as well as Tsipras' other interlocutors, appeared skeptical about whether any deal would be reached tonight, however hope in Athens prevailed.

Analysts in the Greek capital interpreted as a positive signal the fact that the European Central Bank decided once again on increasing the Emergency Liquidity Assistance (ELA) support for Greek banks.

Greek lenders have been under increasing pressure lately as billions of euros have been withdrawn by depositors who are alarmed about media reports of impending capital controls in case of a failure to seal a deal this week.

Greece and its international lenders have been in marathon negotiations for five months on the next package of fiscal adjustment measures and reforms that will unlock further vital aid, but time is running out.

June 30 marks the end of the bailout extension agreed in February to give time to the two sides to reach a comprehensive agreement on their post bailout cooperation. On the same day, Greece needs to repay 1.5 billion euros (1.7 billion U.S. dollars) loan installments to the International Monetary Fund.

Without a deal, June 30 could be the countdown to financial meltdown and a possible Grexit.

As Eurogroup talks are underway on Monday to pave the way for the leaders' talks, Greek government sources said that a likely outcome would be an agreement on a new extension of the bailout for a few months and the release of the needed funding to keep Greece afloat. In return, Athens would commit to implementing a first round of fiscal measures and reforms, while creditors would promise to see debt relief proposals in the near future.

According to Greek media reports, Athens has accepted primary budget surplus targets of 1 percent of its GDP for 2015 and 2 percent of GDP for 2016 as lenders had requested. In order to meet them, the Greek government is said to have agreed to increases on VAT rates, additional taxation for enterprises with annual turnovers higher than 500,000 euros, and the acceleration of pension reform to abolish early retirement starting from this year. Endit