Greece effectively defaulted on its debt obligations at midnight Wednesday, skipping a $1.7 billion payment to the International Monetary Fund. But the Financial Times reports that Greek Prime Minister Alexis Tsipras, in a letter to Greece's creditors, has now agreed to European conditions for a new bailout, with just minor modifications. Greek national broadcaster ERT is reporting a similar capitulation.
The reports were enough to send European stocks sharply higher early Wednesday, and bond yields dropped in Greece's southern European neighbors Italy and Spain. Tsipras had previously rejected the demands from the European Central Bank and eurozone finance ministers, defiantly scheduling a July 5 referendum.
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