Euro Strengthens on EU Deal

The Street
March 14, 2011

The euro extended its rally into the London morning Monday, and periphery sovereign debt yields are sharply lower, except those for Ireland.

The agreement in principle by EU leaders improved the bailout terms for Greece and extends the European Financial Stability Facility's effective size and usage.

Greek 10-year yields are 55 basis points lower, while those for Spain and Portugal are 17 basis points and 11 basis points lower, respectively.

Also of note, Greek and Spanish stock markets are up 4.5% and 1.8%, respectively.

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