EU Officials Said To Reach Agreement in Principle For Greece
June 2, 2011
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EU Officials Reportedly Reach Agreement on Greek Funding
Reuters is reporting that senior European officials have reached an agreement in principle on a new funding plan for Greece.
While details are still being worked out, the program is said to include “private sector participation” (meaning that bond holders will have to make some concessions). However, this participation is expected to be limited in order to avoid a default.
Stocks are rallying on the news with the DJIA gaining 70 points in the last hour.
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