; Half of Debt Will Be Written Off; Dow Responds with Gain of 339
The Washington Times › October 28, 2011
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Summary
Markets worldwide - from Wall Street to Europe to Asia - celebrated a breakthrough deal on Greece's debt Thursday with big gains, the Dow Jones industrial average closing above 12,000 for the first time in nearly three months.
Banks reached a deal with the European Union and International Monetary Fund that effectively would write off half of Greece's $460 billion sovereign debt while Europe's political leaders also agreed to firm up the continent's banks and strengthen a European bailout fund to up to 1 trillion euros, or $1.39 trillion.See the full content of this document
Extract
; Half of Debt Will Be Written Off; Dow Responds with Gain of 339
"It's going to give [Greece] a lot more breathing room," said John Workman, chief investment strategist at Convergent Wealth Advisors.
The markets responded well to the news, with Wall Street's major indexes all gaining about 3 percent on the day. The Dow was up 3...See the full content of this document
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