While You Were Sleeping: Stocks rally on Greek optimism

Article – BusinessDesk June 11 (BusinessDesk) – Equity markets in Europe and the US rallied after Bloomberg News reported that Germany may accept Greece committing to a staggered package of reforms, with at least one upfront, stoking speculation the indebted nation has more … While You Were Sleeping: Stocks rally on hope of Greek breakthrough June 11 (BusinessDesk) – Equity markets in Europe and the US rallied after Bloomberg News reported that Germany may accept Greece committing to a staggered package of reforms, with at least one upfront, stoking speculation the indebted nation has more prospect of avoiding default. Bloomberg cited two people familiar with Germany’s position saying that while the Eurozone’s biggest economy will still insist on a package of reforms – higher taxes, state asset sales and cuts to pensions – it may settle for a clear commitment from Greece to a single measure up front to unlock the final 7.2 billion euros of bailout funds. Bloomberg also reported that European Central Bank has raised the level of emergency cash available to Greek banks by 2.3 billion euros, again citing people familiar. Signs that German is willing to be more flexible came ahead of a reported meeting planned between German Chancellor Angela Merkel, French President Francois Hollande and Greek Prime Minister Alexis Tsipras while attending a European Union summit on Wednesday. Greece’s aid programme expires on June...

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