EUROPEAN SHARES were up in trading today amid talk that Greece would secure a second bailout.

Reports have emerged that Greece is set to receive extra funding from both the EU and IMF – in exchange for more severe conditions which would allow unprecedented international involvement in its economy.

Reuters reports that Ian King, head of international equities at Legal and General, says the markets seem to be taking indications that Greece is “not being forced into a complete restructuring” well.

The FTSEEurofirst 300 index of top European shares rose 1 per cent today, but looks set to finish 1 per cent down overall for May.

A European official told the AP today that a review of Greece’s €110bn bailout programme is likely to conclude in the next day or two. Officials from the EU, ECB and IMF have been in Athens for weeks to compile their report on the country’s bailout programme, which includes the implementation of austerity measures and the privatisation of state assets.

EU Commissioner Olli Rehn had warned at the weekend that the EU might not be willing to release the next installment of the already-agreed bailout funds if Greece is not believed to be introducing measures to tackle its debt.

- Additional reporting by the AP