“U.S. stocks advanced, with the Standard & Poor’s 500 Index posting its best three-day rally since March, after Greece reached an agreement with its creditors,” Oliver Renick reports for Bloomberg.
“Consumer and technology shares rose the most, with Netflix Inc. and Amazon.com Inc. surging more than 2.8 percent,” Renick reports. “The S&P 500 added 0.9 percent to 2,094.57 at 1:49 p.m. in New York, near its average price during the past 100 days. The Dow Jones Industrial Average climbed 177.25 points, or 1 percent, to 17,937.66. The Nasdaq Composite Index gained 1.3 percent after its biggest jump since January.”
“Apple Inc. climbed 1.9 percent, while Google Inc. and Yahoo! Inc. rallied at least 2 percent to help pace technology’s rise. International Business Machines Corp. added 1.4 percent and had its best three-day increase since April,” Renick reports. “Greek Prime Minister Alexis Tsipras surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid he needs to keep his country in the euro area. The Greek parliament has until Wednesday to pass into law key creditor demands including streamlining value-added taxes, broadening the tax base to increase revenue and curbing pension costs.”
Read more in the full article here.
MacDailyNews Take: Greece is the gift that keeps on giving.
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U.S. Stocks head for gains after Greece approves key austerity package – February 13, 2012
Stocks slide as euro pops on buzz that Greece is considering exit from European Union – May 19, 2010
I just don’t understand all this nonsense. It’s all Greek to me.
It is not a good deal for the Greek people and is not a done deal.
The bulk of the bailout is going to go right back to the banksters and Greece will be forced to sell off at economic gunpoint valuable public assets at fire sale prices to the Banksters and their business partners.
Neoliberalism at it purest.
This is nothing less than economic rate by organized banksters.
I’ll bid on the Parthenon.
The Greek government borrowed too much money for too many years in an unsustainable spiral of increased debt enabled by their Eurozone affiliation. The consequences of that ill-advised borrow and spend mentality is overdue. Many Greek people appear to be indignant that they cannot simply vote this debt away, some claiming that their democratic rights have been abridged. Well, I am afraid that you cannot have it both ways. If the Greece chooses not to accept austerity measures, then that country cannot expect additional bailouts on top of their already unserviceable debt load. If they want to remain part of the European Union and the Euro, then Greece has no choice but to negotiate some type of austerity approach. Voting to end austerity does not absolve the debt or entitle the country to additional bailouts.
Other countries are headed towards a similar collision with financial ruin, including the United States. The U.S. was in fair shape until 2001. But two extended wars and ill-advised economic policies have resulted in an eruption of debt that may already be too much to overcome. When (not if) long term interest rates rise, the U.S. debt is going to spiral upwards at a rate that no amount of austerity can counteract. The world economy will collapse into an extreme and extended depression and, then, will start to rebuild. But there will be a long period of hunger and deprivation as a result. I have come to the conclusion that human beings, as a group, are too short-sighted and self-centered to avoid that eventuality.
The package being offered does not go to fix the underlying problem. Most of it cycles back to the very banksters that made the problem.