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Stock Markets Rebound
| International News by Staff ReporterFollowing news of a new bailout plan for debt-stricken eurozone economies
International stock markets have recorded strong gains over the past two days as news of a new bailout plan for Greece and other eurozone economies spurs investors. Global stock markets have rebounded in the face of news that European leaders are finalising the details of a comprehensive plan to bail out Greece and other vulnerable eurozone economies in the midst of massive debt concerns.
At the end of trading yesterday the FTSE 100 was seen to rise 4% to 5 294 while the CAC and DAX both increased by more than 5%.
The Dow Jones was also up by mid-afternoon trading, showing an increase of 2,89% to 11 363.
South African stocks rose nearly 4% on Tuesday after a four-day losing streak, marking its biggest one-day percentage gain in 16 months.
While details of the new bailout plan have not been released, European Union (EU) officials last week indicated that the eurozone rescue fund was being raised from 440-billion euros to 2-trillion euros and that Brussels was prepared to concede a 50% write-off on Greek sovereign debts.
If Greece cannot convince the European Central Bank (ECB) and the International Monetary Fund (IMF) that they should hand over the next 8-billion euro tranche of the 110-billion euro bailout facility, supplied by the ECB and IMF, the country would be unable to meet its debt requirements by the middle of next month.
Source: www.bizpremises.co.za
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