EU finance ministers have agreed on emergency measures worth £650bn to prevent the Greek financial crisis from effecting other countries.

Stock markets across the world have reacted positively to the news, with the FTSE up 250 points.

There had been fears that if no measures were taken the euro would have come under severe pressure and global financial confidence would plummet.

"The eurozone is certainly regaining confidence. Our fundamentals are certainly good," said Jose Manuel Barroso, EU Commission President.