German Chancellor Angela Merkel and French President Nicolas Sarkozy have agreed to contain Greece’s debt turmoil.

Also during a teleconference on Wednesday, the two leaders said they are “convinced” that Greece will stay in the euro zone.

With rumors dying down that Greece’s default is imminent, stock markets saw sharp jumps.

In the New York Stock Exchange, the Dow Jones Industrial Average surged one-point-three percent and the Nasdaq composite index grew one-point-six percent.

Germany and Greece’s stock markets also saw their main indices jump around three percent.