The Frankfurt, Madrid and Paris stock market surged by more than 3.0 percent Monday afternoon on hopes that Greece could strike a deal with European leaders over its debts.

Frankfurt's DAX 30 was up 3.09 percent to 11,381.70 points, Madrid's IBEX 35 index of leading shares 3.17 percent to 11,290.8, and the CAC 40 up 3.01 percent to 4,960.42 points in mid-afternoon trading after eurozone leaders welcomed new Greek proposals for a debt relief deal.