Today the finance ministers of the Eurozone are holding a conference to discuss the economic reforms that Greece's government proposed last night. Early indications were promising, as the European Commission backed the reforms by stating that the list was comprehensive enough and that it would be able to form a good foundation for discussion.
The Commission noted that a particular strong point to the reforms included a strong commitment to address tax evasion and fraud by modernizing their administration. The reforms are also set to include using statistics more effectively to reform public spending and an attempt to drive growth by looking into the labour markets.
Promises have also been made to stay true to the previous privatisation of state assets and Greece has committed to consultations about its plans to raise the minimum wage.
This afternoon, therefore, the president of the European Central Bank, Mario Draghi, has approved a four month extension of Greece's bailout. However, his approval was not without concerns.
In particular Mr Draghi is not convinced by the amount of detail, or lack thereof, within Greece's reform plan. The European Central Bank will still need a great deal of convincing that the proposed economic reforms will exceed, or at least draw level to, the existing bailout conditions.
Despite this the reforms still face opposition from the Athens' parliament, as displayed by Mikis Theodorakis' vocal protest earlier this week.
However, Germany's finance minister has urged the national governments to give support in the vote on Friday.
Meanwhile the chief of the Eurogroup, Jeroen Dijsselbloem made an appearance before the gathered MEPs this morning to announce that Greece will not be leaving the Eurozone.
In response to this positive news the Greek stock market has responded by gaining 10 percent.
This is nearly the highest level it has been for two and a half months. In addition bank shares surged up to 20 percent with the main ATG finishing up 85 points at 910.
To put this into perspective, that is the highest close since 9th December 2014, which was a result of a two month bailout extension confirmed in conjunction with a sudden presidential election.
Of course the relief is one of many factors to cause this record rise. Other influencing factors have been cited as the testimony of Janet Yellen, Federal Reserve chair, at the Senate. Yellen stated that she felt it was unlikely that interest rates would rise in the upcoming months, which provided relief for investors in Europe as well as in New York.
The oil price also rose fractionally today along with success in the mining industry by BHP Bilton, an Anglo-Asutrilain mine, whose shares rose nearly 7 percent today.
