Tag: Eurozone
Done Deal. What’s Next?
31 October 2011
October 27th, 2011 (Bloomberg)
“European leaders cajoled bondholders into accepting 50 percent writedowns on Greek debt and boosted their rescue fund’s capacity to 1 trillion euro (US$1.4 trillion) in a crisis-fighting package intended to shield the euro area.
The 17-nation euro and stocks climbed while bond spreads narrowed after leaders emerged early today from a 10-hour summit in Brussels armed with a plan they said points the way out of the quagmire, albeit with some details still to be ironed out.â€
Ah yes, love is in the air it would seem! The S&P 500 has surged to its largest monthly rally since 1974, the Euro has risen, oil is up to $92, and European bank stocks are up. If you bought into a position just before the summit, I’d say the day after was your lucky day! Read more…
