Greek debt deal News

After gruelling 17-hour talks during which the future of European integration hung in the balance, leftist Greek Prime Minister Alexis Tsipras accepted terms set by his distrustful partners.

Politicians on the far left and right accused European powers of negotiating with a "gun to the head" of Greece and terrorising and colonising it through Monday`s new debt deal.

Even if Greece and its European partners finally reached a deal on a third aid programme in gruelling weekend talks, it must still be approved by eight different national parliaments.

But after they were blindsided by Tsipras`s surprise middle-of-the-night announcement that he rejected their offer and would put it to voters only after Tuesday`s deadline, several said all that remained to discuss was "Plan B" - how to limit the damage.

Gold slid to a one-week low on Wednesday, down for a fourth consecutive session, as the dollar strengthened and global stock markets continued to rally on expectations of a Greek debt deal.

MSCI`s index of Asia-Pacific shares outside Japan edged up 0.1 percent to bring its gins over the past six sessions to 2.9 percent.

Spot gold was almost flat at $1,177.9 an ounce by 0104 GMT, after losing 0.6 percent on Tuesday.

Hopes that Greece and its creditors can seal a debt deal with exactly one week left to avert default could fade as the Greek premier faces pressure to convince his anti-austerity party to approve concessions needed to unblock bailout funds.

European stock markets rose further on Tuesday, building on the previous day`s sharp rally on hopes of there finally being a deal over Greece`s bailout.

Spain and Portugal warned Greece Monday it must give firm "guarantees" to seal a debt deal with European leaders, as Athens made a fresh bid to unlock bailout funds need to avoid a default.

Oil prices fell below $63 a barrel on Monday, weighed down by concerns of a growing supply glut, paring earlier gains spurred by hopes that Greece might avert a default.

Greek Prime Minister Alexis Tsipras warned on "excessive" budget surpluses, pension cuts and power rate increases as part of a deal with Greece`s creditors ahead of an emergency eurozone summit in Brussels Monday.

The single currency climbed to $1.1396 and 139.87 yen in Tokyo from $1.1349 and 139.23 yen in New York late Friday. The dollar fetched 122.73 yen against 122.69 yen in US trade.

With eurozone finance ministers holding out little hope of an agreement as they gathered in Luxembourg, Merkel insisted that she wanted to keep Greece in the single currency.

Eurogroup President Jeroen Dijsselbloem said on Tuesday in an interview with RTL television channel that even if an agreement was reached this week, an immediate disbursement was technically impossible.

Spot gold slipped 0.2 percent to $1,191.40 an ounce by 0323 GMT, after gaining 0.4 percent on Tuesday.

The delay in reaching an agreement has led to concerns Athens is running critically short of cash and may soon end up defaulting, which could set off a messy exit from the euro.

Spot gold was little changed at $1,202.10 an ounce by 0225 GMT, after dropping to $1,197.95 in the previous session as safe-haven bids receded. The metal recorded its fourth straight weekly decline on Friday.

Asian stocks were mostly higher on Monday morning as investors cheered a last-minute deal to extend Greece`s bailout by four months, giving Athens a lifeline to pay its bills and avoid a damaging default.

Asian markets rallied and the euro held up Wednesday on hopes of a settlement in Greece`s debt stand-off after it emerged that the country will ask for an extension to its bailout and avoid a painful eurozone exit.