Financial Times
July 22, 2011
Investors in European equity markets who had shown optimism this week that top eurozone officials would finally come up with a plan for Greece were rewarded as the region’s banks were very much in favour.
The second bail-out of Greece consisted of €109bn from international lenders and up to €50bn in private contributions from bondholders, while an overhaul of the Eurozone Financial Stability Facility was also announced.
“Greece has been given reassurances that it will continue to be supported by its eurozone partners until it can return to the markets,” said Jane Foley at Rabobank.
Many of the banks that had been among the heaviest sold stocks in recent weeks were higher over the week.
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