LONDON, March 1 (Reuters) - European credit derivatives tightened on Monday, extending Friday's rally, on optimism that Greece could be approaching an agreement with the EU to ease its debt crisis.
By 0757 GMT, the investment-grade Markit iTraxx Europe index was at 84 basis points, according to data from Markit. That is 0.75 basis points tighter versus late on Friday when it tightened by 2.75 bps, according to data from BGC Partners.
The Markit iTraxx Crossover index, made up of 50 mostly "junk"-rated credits, was at 454.50 basis points, 8.50 basis points tighter, after tightening 15 bps on Friday.
Greece may soon announce steps to cut its budget deficit, a government official said on Sunday, while EU Economic Affairs Commissioner Olli Rehn is due to visit Athens on Monday for talks with officials. (Reporting by Jane Baird; Editing by Jon Loades-Carter)