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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Euro surges in Asia after EU deal reached AFP - Tuesday, May 11 Send IM Story Print TOKYO (AFP) - – The euro surged Monday after Europe and the International Monetary Fund agreed a 750-billion-euro plan for Greece and its eurozone neighbours to stem a crisis that has threatened the global recovery. The deal consists of 440 billion euros from eurozone countries and 60 billion euros of loan funds from the European Commission, while Spanish finance minister Elena Salgado said the IMF would offer a 250-billion-euro facility. Following the announcement the US Federal Reserve and central banks in Japan, Europe, Britain, Canada and Switzerland said they would intervene to ensure that dollar shortages did not occur in European markets. "This package serves to strengthen and protect the common currency," German Chancellor Angela Merkel told reporters, hours after the announcement. And IMF head Dominique Strauss-Kahn called it "a big step forward", adding: "I think we have to wait a little more, but I think all this is rather encouraging." The single currency shot higher to 1.3033 dollars in London, up from 1.2755 dollars in New York Friday, while the traditionally safe-haven yen slid against its peers as risk appetite returned to the markets. The euro fell to a 14-month low against the greenback last week. "There's a sense of security in the currency market for now with concern of Greek debt contagion spreading elsewhere in Europe receding," Jun Kato, senior manager of investment at Shinkin Asset Management, told Dow Jones Newswires. But he warned that "any negative news about the debt problems may easily push the euro down." The huge bailout "proves that we shall defend the euro whatever it takes," the European Union's commissioner for economic and monetary affairs, Olli Rehn, told a press conference after 11 hours of talks in Brussels. The European Central Bank will also implement exceptional measures in support of the bailout package, Rehn said. The breakthrough followed urgent telephone calls Sunday between US President Barack Obama, German Chancellor Angela Merkel and French President Nicolas Sarkozy. The European Central Bank said in a statement that the moves by the central banks "are designed to help improve liquidity conditions in US dollar funding markets and to prevent the spread of strains to other markets and other financial centres." The Bank of Japan separately offered two trillion yen (21.6 billion dollars) in liquidity to financial institutions for a second trading day in a row to calm markets rattled by Greece's debt woes. Asian markets shot higher. Tokyo's Nikkei jumped 1.60 percent, or 166.11 points, to close at 1,0530.70 and Sydney ended 2.66 percent, or 119.10 points, higher at 4,599.8, its biggest one day gain in more than five months. Hong Kong soared 2.54 percent to close up 506.35 points higher at 20,426.64. And markets in Europe soared on opening, with London up 2.95 percent, Frankfurt 3.27 percent higher and Paris 5.59 percent stronger. Lisbon gained 7.51 percent and Spain rocketed 10.9 percent -- both countries have been the focus of concern over possible debt crises similar to Greece. Asian markets were closely watching the eurozone after US markets Friday shrugged off upbeat employment data showing that 290,000 jobs were created in April in the world's largest economy. Markets last week saw a sell-off amid uncertainty over whether Greece could implement deeply unpopular austerity measures and stave off bankruptcy. Fears that a possible debt default by Greece could hit the world's financial system in the same way the collapse of Lehman Brothers did two years ago sent shares and the euro plunging. Concerns had also mounted that the Greek rescue deal would fail to shield Spain and Portugal from crippling market pressures, sending the euro down at one point last week to 1.2523, its lowest since March 2009. However, "given the package, default risks for Spain and Portugal have eased", said Satoru Ogasawara, a forex strategist at Credit Suisse in Tokyo. But "it is yet to be seen if Greece, Spain or Portugal can reduce fiscal debts. For the euro's (fully-fledged) upturn, the eurozone economy needs to be on a track of sustainable growth." Shanghai closed up 0.39 percent, or 10.37 points, at 2,698.76. Oil was boosted by the weakening dollar. New York's main contract, light sweet crude for June delivery, climbed 2.47 dollars to 77.58 dollars a barrel, while Brent North Sea crude for June advanced 2.23 dollars to 80.50 dollars. Gold closed in Hong Kong at 1,187.50-1,188.50 US dollars an ounce, down from Friday's close of 1,201.50-1,202.50 as dealers moved out of the safe haven metal as the European news allowed them to be more risky. 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