U.S. stocks closed higher on Wednesday as investors eyed better-than-expected data and remained optimistic on resolution between Greece and its creditor.
Stocks advanced despite Prime Minister Alexis Tsipras' statements the country will go ahead with the referendum on Sunday and that it is not a determinant of whether or not Greece remains in the euro zone, Reuters reported.
The Dow Jones industrial average closed about 140 points higher, off a more than 170-point rise in the open. The Nasdaq Composite also briefly jumped 1 percent as Apple advanced and biotechs gained.
Dow futures leaped more than 160 points on morning news that Tsipras accepted lenders' conditions in a two-page letter originally sent to the heads of the European Commission that requested only minor revisions to their suggestions on pensions and tax reforms.
Whoa! The Greek govt does a U turn and is now ready to sign on to a bailout package.Just days ago, they Make about-face and won't fix their country's crisis any time soon.
Prime Minister Alexis Tsipras wrote to Euro leaders and International Monetary Fund, accepting most of the conditions they had attached to releasing more cash, a European official told CNNMoney.
Well, the institutions must have known this beforehand to be a " no issue" . It was just magnified to lets say " give excitement" to the market. What if the world' s richest folks combined lost 70bn $.? Its just exit through the front door and entry with certain % of profit to the same guys via back door. Cheers to them for the orchestration. Will be the same orchestra over and over again..We should see this during the US debt ceiling issue down the line.
I must say, i love these guys.
Gre..xit or Greed Exit??. Look like is a none event after hoohaaahahaha.
Gre..xit or Greed Exit??. Look like is a none event after hoohaaahahaha.
Well, looks like what goes into greece remains in greece! Unless there is going to be a miraculous turnaround of the countries economy, its going to be the same song, same dance and same 11th hour 2 years from now if this deal goes through.
WARNING -- Greek letter: Are the concessions enough?
Analysts warned that markets could be getting ahead of themselves after a ltr from Greek Prime Minister Alexis Tsipras was made public.
" The Greek government has indicated to its creditors that it is willing to accept many of the terms of a bailout package that it had previously rejected, if they are part of a broader deal to address the country&rsquo s funding needs for the next two years, officials said on Wednesday" ...i.e. they are requesting rescue fund for &euro 29bn loan package. isn' t?
Lend...can' t collect....lend more...lol
Whoa! The Greek govt does a U turn and is now ready to sign on to a bailout package.
Just days ago, they Make about-face and won't fix their country's crisis any time soon.
Prime Minister Alexis Tsipras wrote to Euro leaders and International Monetary Fund, accepting most of the conditions they had attached to releasing more cash, a European official told CNNMoney.
http://money.cnn.com/2015/06/30/news/economy/greece-imf-default/index.html?iid=surge-toplead-intl
.....Grexit'
As of 2 PM, Dow has slumped 141 points. ' Grexit' Fear. Lets see how SGX reacts after the penny rally yesterday.
Cheers.
http://money.cnn.com/2015/06/24/news/economy/greece-europe-bailout-imf/index.html?iid=Lead
Greece is meeting its creditors again Wednesday to try to persuade them to hand over the cash it needs.
Without a deal this week, the country won' t be able to repay the International Monetary Fund 1.5 billion euros due June 30.
If it misses the payment, Greece may have to introduce capital controls to prevent a run on its banks. Leaving the euro -- the feared Grexit -- would loom large.
Markets surged earlier this week on optimism that a deal could be brokered after Greece submitted new proposals to put its finances in order. But that plan has since been put under the microscope, and run into opposition from the IMF.
Related: Greece' s new rescue plan is deeply flawed
European stocks sank Wednesday Greek bank shares and government bonds were also under pressure.
EU, Germany n Greece holding up world stock market bourses hostage by Greece exit. " Grexit" .
Europe' s n world risk been paralyzed by Grexit. Will this time for Germany, who are really running this show to say enough is enough or put up a temporary package n put up a STOP sign?.
http://money.cnn.com/2015/06/23/news/economy/greece-europe-bad-deal/index.html?iid=LeadGreece' s new rescue plan is deeply flawed. it could store up trouble for the future.
* Wrong kind of savings, Greece risked repeating the mistakes of its first bailout program, by hitting demand in the economy too hard.
* No debt relief, proposal' s suggestion that the intended measures will lead to a return to debt sustainability for Greece within 10 years.
" If this week concludes with agreement between Greece and its creditors, it won' t be long before the next chapter in this drama," said Angus Campbell, senior analyst at FxPro.
UBS estimates Greece may need additional funds of nearly 14 billion euros to carry it through to the end of 2015.
" Greece therefore needs a new funding program, a debt restructuring or a combination of the two," wrote analysts at the Swiss bank.
* It won' t last long, it do little more than just buying time for negotiations on yet another rescue.
http://www.cnbc.com/id/102764634
Cramer: Greece on a death spiral of total insanity (All eyes on Grexit)
Greece, and what will happen if it goes under? Jim Cramer thinks someone has to bail it out, or there will be starving people and a massive emigration that Europe doesn' t appear ready to handle.
Even worse, what if Greece defaults but then continues to insist on using the euro? Will the Europeans kick them out of the Eurozone?.
all of these elements are up in the air right now, and no one seems to have thought it all through, especially the Greek gov. It just doesn' t make sense how Greek politicians have failed to explain the consequences to Greek citizens, though Cramer speculated that with a 25% unemployment rate, maybe they just don' t think it can get any worse.
It seems as though, Greece think this whole thing will end in a fairy tale. Default on their debt and issue new bonds, and a new batch of lenders will step up to buy the bonds. Cramer said they don' t seem to understand what happens when a country is swamped by financial chaos&mdash no one buys your bonds.
Thus, it is entirely possible to Cramer that the European Central Bank will have to step up to the plate again just to keep the Greek population from starving or overrunning other countries. Cramer is completely astounded that no one is talking about the potentially catastrophic consequences here.
No deal from Grexit, said EU financial chief.Grexit: Greece prepares for ' difficult day' if ...
http://www.smh.com.au/world/ grexit-greece-prepares-for-difficult-day-if-deal-not-struck-20150622-ghuidm.html
Greek banks &ndash and their customers &ndash should brace for a " difficult day" on Tuesday if the Athens government does not reach a deal with its ...
Greece divided over reforms and future - Tsipras and his Syriza party, elected in Jan on their anti-austerity pledges, could now face a backlash within Greece for their new reform proposals to Greece' s lenders. Demonstrators rally demanding on Greece remain euro zone at Sintagma Square on June 22, 2015 in Athens, Greece.
http://money.cnn.com/2015/06/23/news/economy/greece-europe-bad-deal/index.html?iid=Lead
Greece' s new rescue plan is deeply flawed. it could store up trouble for the future.
* Wrong kind of savings, Greece risked repeating the mistakes of its first bailout program, by hitting demand in the economy too hard.
* No debt relief, proposal' s suggestion that the intended measures will lead to a return to debt sustainability for Greece within 10 years.
" If this week concludes with agreement between Greece and its creditors, it won' t be long before the next chapter in this drama," said Angus Campbell, senior analyst at FxPro.
UBS estimates Greece may need additional funds of nearly 14 billion euros to carry it through to the end of 2015.
" Greece therefore needs a new funding program, a debt restructuring or a combination of the two," wrote analysts at the Swiss bank.
* It won' t last long, it do little more than just buying time for negotiations on yet another rescue.
