The latest on Greece: European stock markets surge on hopes for a bailout deal for Greece

Economic Indicators Associated Press

10:05 a.m. (0805 GMT, 4:05 a.m. EDT)

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European stock markets are surging on hopes that Greece and its creditors will reach a deal to get the country more loans before it goes bankrupt at the end of the month.

The Athens stock exchange led the charge, jumping 7.1 percent. The Stoxx 50 of top European shares was up 2.7 percent, with Germany's DAX gaining 2.8 percent.

Leaders of the 19-nation eurozone are gathering in Brussels for a last-ditch summit aimed at clinching a deal between Greece and international lenders as a major debt payment deadline looms.

Greek Prime Minister Alexis Tsipras presented the leaders of Germany, France and the European Union over the weekend with a new proposal for a deal. No details of it were made public.