EUROPEAN stock markets have rallied as traders returned to their desks after the Easter holiday to digest the latest developments on the Cyprus debt crisis, dealers said.
London's FTSE 100 index of leading companies jumped 1.15 per cent to 6485.46 points in early on Tuesday afternoon deals in the British capital.
Frankfurt's DAX 30 gained 1.19 per cent to 7888.95 points and in Paris the CAC 40 won 0.95 per cent to 3766.95. Madrid grew 0.65 per cent and Milan climbed 0.84 per cent.
In foreign exchange trade, the euro eased to $US1.2838 from $US1.2847 late in New York on Monday. Gold prices edged down to $US1597.75 an ounce from $US1598.25.
All major European markets were closed on Friday and Monday for the long holiday weekend.
Trade was buoyant despite the resignation of Cypriot Finance Minister Michalis Sarris who cited his tenure as chairman of Laiki Bank - whose failure was a major contributor to the island's near financial meltdown - as a reason.
Earlier on Tuesday, the government launched a judicial probe into how the island was pushed to the verge of bankruptcy before having to agree a crippling eurozone bailout.
But in more positive news, the central bank announced that it was raising the limit on business transactions from 5000 euros ($A6200) to 25,000 and was allowing people to issue cheques of up to 9000 euros.
In addition, the troika - the European Central Bank, the European Union and the International Monetary Fund - indicated readiness to give Cyprus more time to bring its budget into surplus, according to a draft loan agreement obtained by AFP.
The draft sets 2017 instead of 2016 as the target year for Cyprus to achieve a 4.0 per cent primary budget surplus.
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