Euro jumps after Reuters exclusive on Greece

The euro jumped a full cent against the dollar and Wall Street stocks reversed a sell-off after Reuters reported exclusively that Greece had agreed with the European Union and the International Monetary Fund on a new round of tax rises and spending cuts to plug a 5.5 billion euro hole in its medium-term fiscal plan. A Reuters correspondent got the information from sources close to the talks, despite the lack of any public comment by officials; the agreement was vital for Greece to secure international aid and avoid a debt default next month. Other news sources, including Bloomberg, Dow Jones and Greek media, did not have the news and were forced to quote Reuters; Greek state broadcaster NET TV cited Reuters for over half an hour before an official statement was issued in Brussels.