Chaos as Greek Retirees Mob Banks to Withdraw Cash

Stock markets across Europe sharply surged on Wednesday over hopes that a deal between Greece and its creditors can be put together in time to avoid a bad Greek exit from the Euro. At around 7 a.m. ET, the CAC-40 in France was up 2.5 percent at 4,908 while Germany's DAX rose 2.1 percent to 11,171. The surge comes as retirees throughout Greece mobbed banks in order to withdraw a maximum of 120 euros ($134) in pension payments. Greece's failure to repay its loan to the International Monetary Fund — which comes after Greece failed to extend the bailout program it has relied on for five years — forces the country to fall into arrears on payments to the fund.

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