An International Monetary Fund study published on Tuesday showed that Greece needs far more debt relief than European governments have been willing to contemplate so far, as fractious parties in Athens prepared to vote on a sweeping austerity package demanded by their lenders.
The proposals appeared so far apart that success seemed higly unlikely
EU authorities made a last-minute offer to salvage a bailout deal that could keep Greece in the euro as the clock ticked down on Tuesday, with Germany warning that time had run out to extend vital credit lines to Athens.
Greek proposals hailed as "a positive step forward".
the Sensex lost 23 points to close at 28,185 levels and the Nifty shed 7 points to end at 8,515 mark.
Wolfgang Schauble has done right by the Euro zone, but the Greeks believe that doesn't necessarily mean he has done right by them.
The result of the opinion polls would allow the government to move ahead quickly to reach a deal with creditors
Top moments from around the world in the week that was.
Positive cues from the global market front aided the rally.
The breakdown of talks between Greece and its international creditors raised fears of Greece's exit from the euro zone.
Athens bowed to demands to phase out tax breaks for its islands.
The IMF dashed any hope that Athens could avert default.
On the sectoral front, rate-sensitive sectors such as Bankex and Auto gained by 1% and 0.7% respectively while BSE Consumer Durables gained 1.4%.
Nifty, which has struggled around 8550-8560 levels managed to blast past this resistance and close above the psychological mark of 8600.
Closing banks and restricting the flow of capital can build pressure for a solution as finances get squeezed.
Midfielder Andre broke the deadlock for the Euro 2016 finalists in difficult, wet conditions just after the half hour and Nani, celebrating his 29th birthday, scored direct from a free kick in the 89th minute.
Will Greece manage to pay euro 1.5 billion to IMF?
Europe's discordant leaders snatched a deal on Monday that might just avert Greece's euro exit, but global investors' faith in the durability of the single currency has been tested yet again.
Both the Greek and Iranian deals are extremely imperfect and fraught with uncertainty, says Claude Smadja.
If the impact of the Greece crisis spreads across Europe and parts of the world which are more interconnected than ever before, India cannot hope to be insulated, says Paranjoy Guha Thakurta.
11th-hour debt restructuring programme offered no concessions to creditors
'India cannot expect to be insulated from the crisis. Europe is India's biggest trading partner with two-way trade of E72.5 billion or Rs 530,000 crore last year,' says Paranjoy Guha Thakurta.
'It will take a long time for the effects of demonetisation to wear away, and I am not even sure that a year lost, can at all be even recovered.'
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