Wednesday, July 1, 2015

Greek's Political "Leaders" Apparently Regain Senses and Essentially Agree to Terms Set By Their European Creditors

The old Kenny Rogers song about 'The Gambler' says that 'You got to know when to hold 'em; you got to know when to fold' em.'

The Greeks wisely have decided to fold 'em.

The breaking news is good news for Greeks, Europe as a whole and the world economy. That results in good news for stock markets too.

Markets rally on report Greece is ready to accept bailout terms contains this breaking news:

"The euro, European stock markets and U.S. stock futures moved sharply higher on Wednesday after a report that Greek Prime Minister Alexis Tsipras is ready to accept the creditors' bailout terms.

According to a letter from Tsipras to the heads of the European Commission, International Monetary Fund and European Central Bank, obtained by the Financial Times, the Greek premier will accept all the bailout conditions on the table last weekend, with only minor changes. Greece's bailout program expired on Tuesday at midnight, but Tsipras's letter could serve as basis for a new aid package in coming days, according to the report.

The Stoxx Europe 600 index leapt1.8% to 388.22, while stock futures for the Dow Jones Industrial Average, the S&P 500 index, and the Nasdaq 100 index climbed more than 1%. The euro rose to $1.1137, up from an intraday low of $1.1095."

Summing Up

It appears that the Greeks and Europeans are going to come to terms.

That's good news, at least temporarily.

The financial disaster in Greece isn't over --- not by a long shot.

But there does appear to a break in the action, so that's a good thing.

Maybe common sense in politics isn't dead yet --- but it sure isn't commonly used.

That's my take.

Thanks. Bob.

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