UK markets were firmer today, reaching new highs for 2012 as investors went to risk-on mode, despite the threat of a stand-off between Greece and its bondholders.
As the crisis in Athens rumbles on, equity markets were undeterred, with the FTSE 100 hitting a fresh peak for 2012 during trading.
By 13:29pm, shares were up 0.8% or 45.79 points, at 5,774.34 points, having hit a peak of 5,778 earlier.
If the index closes at its current level, it will have set a new high for 2012, surpassing last week's peak close of 5,741.
The gains come as negotiations over the debt restructuring in Greece continue. They are now thought to centre on a loss of 65-70% of the value of current Greek bonds, according to Reuters.
But details of the interest rate levied on new long-term bonds issued as part of a debt swap have yet to be finalised.
Institute of International Finance chief executive Charles Dallara, negotiating on behalf of banks and insurers holding Greek debt, said the talks were at a "crossroads", suggesting the voluntary deal would be in jeopardy if the IMF pushed for further concessions on new debt.
Other European indices also shrugged off the risk of a stand-off, with the German Dax and French Cac 40 both higher.
The Dax was ahead 29.89 points, at 6,434.28, while the Cac 40 gained 17.43 points, to 3,338.93.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected