Cash-strapped Greece wrangled Monday with its creditors over a new package of reforms needed to unlock vital bailout funds as Prime Minister Alexis Tsipras prepared to face grilling in parliament on the negotiations. Experts from the IMF and the EU are scrutinising a list of reforms that Athens has proposed in its bid to get the creditors to release 7.2-billion euros ($7.81-billion) in loans. Greece's government says the reforms would help raise an extra three billion euros for its coffers without resorting to wage and pension cuts. "We're not there yet," European Commission spokesman Margaritis Schinas told reporters when asked about the progress of the talks.
U.S. stocks moved sharply higher in early trading Monday, as investors welcomed encouraging economic data on consumer spending in the U.S. The market also got a lift from a report suggesting that the economic recovery in the 19-country eurozone is gaining traction. Energy stocks were among the biggest gainers.