Traders embark on buying spree

TRADERS went on a buying spree on world markets yesterday after European leaders delivered a long-awaited action plan to tackle the eurozone debt crisis.

The FTSE 100 Index climbed 3%, or 160.6 points to 5713.8, after leaders agreed to bolster banks’ finances, allow banks to write off 50% of Greek debt, and boost the eurozone bailout fund to €1 trillion.

Some £41.5 billion (€47bn) was added to the value of London’s top 100 shares, with Barclays the biggest riser, up 18%.