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Suddenly everyone thinks the Greek crisis will find a happy ending
05/31/2011 7:00 pm EST
World stock markets have gone into the business of reading tealeaves today.
Stocks have rallied all over the world. The Standard & Poor’s 500 was up 1.06%, for example. But the big winners where in Europe, where the German DAX was up 1.86% and in Asia where Hong Kong’s Hang Seng was up 2.16% and the Nikkei up 1.99%.
The euro climbed to a three-week high at $1.4424 against the dollar before dropping back to a 0.23% gain at $14430.
There’s not much real news driving this rally. Instead we have Jan-Claude Juncker, head of the European group of finance ministers, saying yesterday that European Union leaders will decide on a new aid package for Greece by the end of June. (Juncker, I might remind those who aren’t following every pronouncement from every European Union politicians with bated breath, last week put the markets in a tizzy by saying that International Monetary Fund rules might prohibit the IMF from participating in the June round of financing for Greece. If Greece doesn’t receive the next rescue financing scheduled for June delivery, the country would face default.)
Greece’s ASE Index rallied 5.6% on the “news.”
Juncker went on to say that European Union officials have ruled out a total restructuring of Greek debt, which would have required Europe’s most stressed banks to take a big haircut on the value of their portfolios of Greek bonds.
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