Markets recover as Europe plans Greek rescue
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Markets have recovered from the lows of earlier this week after reports suggest a Europe rescue of Greece is imminent.
According to the Times, the biggest economies of Europe spent last night piecing together a package to help ease Greece’s debt problems and reassure the markets of its stability.
The report suggests that the details of how Europe will help Greece are unclear, but EU president Herman Van Rompuy will announce that the nation’s debt obligations will be guranteed at the EU summit today.
As a result, the FTSE is up to 5,183.59 at 8:45 this morning, up from 5,131.99 at close last night.
The Dow Jones recovered from lows of 9908.39 on Monday evening to a close of 10,038.38 last night. The Nikkei has picked up to 9,963.99 this morning from lows of 9,874.04 on Tuesday morning also.
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Readers' comments (1)
Colin Palmer | 11 Feb 2010 11:11 am
Moral hazard again! First the bail out of the banks, now bail out of Greece, next stop Portugal, Ireland Spain and Italy.
In the words of the mighty Greek, Paulos (Micawber) Popadopolous -
"Annual income 1Euro 20, annual expenditure 1Euro, result happiness. Annual income 1Euro, annual expenditure 1Euro20, result misery."
"Any more for the great gravy train now leaving Brussels?"
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