Paris and Frankfurt markets were up 3.3%, while London's FTSE 100 was 1.4% higher. Japan's Nikkei closed up 1.3%.
Greek PM Alexis Tsipras is meeting with his country's creditors later.
If a deal is not agreed, Greece risks defaulting on a €1.6bn (£1.1bn) loan repayment due at the end of June.
The
proposals submitted by Athens have been received positively by its
creditors - the International Monetary Fund, the European Central Bank
and the European Commission (EC) - and by its eurozone partners.
"I see the work that has been done," said French Finance Minister Michel Sapin. "It is quality work."
He added: "A deal requires both sides to evolve. This work is underway and is being undertaken in good conditions."
Earlier, a representative of the EC said the proposals represented a "good basis for progress".
'Last minute'
Investors
took heart from such comments, pushing markets higher in early trading,
with the Athens Stock Exchange jumping more than 7%.
"The most likely outcome, with a 75% probability, is a deal," said Credit Suisse analysts in a note.
However, they warned that any deal would probably only be agreed late in the day.
"An
unfortunate but predictable feature of European crisis decision-making
is that such deals are only ever made at the last minute, 'at the edge
of the abyss'," they said.
Greece's creditors are insisting that
Athens agrees to implement far-reaching economic reforms before it
unlocks €7.2bn of bailout funds.
The country's Syriza government
has so far been unwilling to introduce such reforms. The outcome of
Monday's talks will depend on whether Athens' latest proposals are
deemed as an acceptable compromise.
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