Financial Times
March 14, 2011
The euro and eurozone peripheral bond markets rallied on Monday in response to moves by European policymakers to tackle the region’s 18-month debt crisis.
The Brussels’ agreement to increase the size and scope of the eurozone’s rescue fund and the reduction of interest rates for Greek bail-out loans were singled out by investors and strategists as the main positives for the eurozone.
The euro jumped against most currencies, rising 0.7 per cent to $1.40 against the dollar, while European bank stocks were up amid hopes that the Brussels deal would help steady the currency club’s beleaguered financial sector.
Greece was the biggest beneficiary among the peripheral economies as its stock market rose 5.15 per cent – the largest rise since May 10 last year, the day the international community announced the €750bn “shock and awe” rescue package.
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