* European shares rise 0.5 pct as Greece clinches debt deal
* Euro rises to one-month high before paring gains
* German government bond futures dip
By Marc Jones
LONDON, Nov 27 (Reuters) - The euro rose and European shares climbed to a near three-week high on Tuesday after global lenders clinched a deal to reduce Greek debt and disburse the country's next aid instalment.
After 12 hours of talks, the lenders agreed measures to cut Greek debt to 124 percent of gross domestic product by 2020, and promised further steps to lower it below 110 percent in 2022.
European shares on the FTSEeurofirst 300 opened up 0.5 percent following the deal, with London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX between 0.5 and 0.9 percent higher.
The euro also climbed, gaining as much as 0.3 percent in the Asian session to hit $1.3010, its highest level since Oct. 31, before paring gains to be up 0.1 percent at $1.29940 at 0810 GMT.
"After three meetings this months and a total of more than 24 hours of discussing and negotiating, the euro zone countries have put their money where their mouth is," said ING economist Carsten Brzeski.
"The political will to reward the Greek austerity and reform measures has already been there for a while. Now, this political will has finally been supplemented by financial support."
Safe-haven German government bonds fell in reaction to the Greek news, with benchmark Bunds down 40 ticks at 142.00 compared with 142.43 at Monday's settlement.
In Asian trading, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.7 percent to a near three-week high, led by a 1 percent advance in Korean shares and a 0.7 percent rise in Australian shares . Indian shares also jumped 1.2 percent.
Shanghai shares bucked the trend to fall 1 percent to their lowest since 2009, dragged by weakness in growth-sensitive companies.
U.S. stock futures were up 0.2 percent, hinting at a firm Wall Street open.