Markets up on new rescue deal for Greece

By the Associated Press | July 22, 2011 | 4:58 AM EDT

BRUSSELS (AP) — Relief at the approval of a second bailout package for Greece is driving global stocks higher.

The euro109 billion ($156 billion) deal will not only lend money to the financially struggling country, but also reduces the size of Greece's crushing debts by asking investors who hold Athens' bonds to make sacrifices.

A first bailout of euro110 billion last year did not put Greece back on its feet financially.

The three major European indexes rose, led by banking stocks. Asian shares were also up strongly. Commerzbank was up 1.1 percent, Deutsche Bank 1.3 percent, and Italy's Unicredit 0.5 percent.