Greek party: Investors can thank Europe for Friday’s strong performance. Stocks gathered momentum midday as signs emerged that Greece was finally on the verge of reaching a compromise that would prevent a calamitous exit from the eurozone.
While Wall Street didn’t appear to be overly concerned about a Greek exit, the prolonged political situation did not inspire confidence among investors. Fears about how Greece would stay in the currency bloc resurfaced after the anti-austerity Syriza party gained power in late January.
But after weeks of haggling and public posturing, Greece’s creditors confirmed late Friday the two sides reached a four-month extension of the bailout. That’s great news for Greece because the country was quickly running out of money and risked a collapse of its banking system.
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