Will it help? by Barbora Misakova

While here in Slovakia (and probably other European countries as well) are common people expressing their disagreement with financial support for Greece in different ways, guys from Wall Street were making gains before the world stocks was closed. European Union and the International Monetary Fund agreed on Monday to help Greece and the eurozone with a nearly $1 trillion rescue package. They believe it will prevent the spread of the Greek debt crisis. While Europe is doing its best to avoid crisis especially when global economy seems to recover slowly, America is profiting from it. The Dow Jones Industrial Average increased to 10,785.14, Nasdaq jumped to 2,374.67 and Standa! rd & Poor’s 500 index climbed to a provisional close of 1,159.72. But it was not only America making record gains. Many Europe markets like Spain, Portugal and Italy posted record single-day gains. There are few numbers from European metropolises: London’s FTSE 100 index jumped 5.16 percent; Parisian the CAC 40 climbed 9.66 percent. DAX in Frankfurt gained 5.30 percent. Milan was up 11.28 percent, Madrid 14.43 and Lisbon 10.73 percent what all represents record daily gains. But more than single-day gains the Greek mortgage is what should be solved. As Patrick O’Hare, analyst at Briefing.com said: “Time will tell if this coordinated action is successful. For now, it is spurring a massive relief trade based on the notion that it might just be the answer. Anyway, while there is a sense of relief in the market about the monetary force being applied, there will be a fiscal price to pay for this bailout for those who need it.”

related story (sgx17248): http://www.france24.com/en/20100510-european-markets-rally-e...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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