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July 23, 2011

€109 billion euro package for Greece

The yield on Greek government bonds dropped significantly on the news of a combined loan package backed by the Germans (and the French and ECB) coming from the eurozone leadership summit of Thursday.

The Fitch credit agency responded that this constitutes a form of default, and the other two important agencies, Moodys and Standard and Poors are expected to follow shortly.

The news of the bailout plan, coupled with a funding for the eurozone emergency fund to quickly assist other member states who falter in dealing with sovereign debt issues caused the euro currency to climb in value against the US dollar to $1.4407, and oil moved toward $100 per barrel.

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