US stocks ended higher on Monday, with the Nasdaq closing at a record as hopes grew that a deal would be reached to prevent Greece from defaulting on loans. Equities have been largely driven by the situation in Greece of late, with investors concerned that if the country defaults on its loans, it may have to leave the euro or the European Union, potentially shaking the region's economic foundations. Athens presented new reform proposals which were cautiously welcomed by euro zone finance on Monday, though the Eurogroup said the proposals required detailed study and that it would take several days to determine whether they can lead to an agreement.
Greece needs fresh funds to avoid defaulting on a USD 1.8 billion debt repayment to the International Monetary Fund on June 30.
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