This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Asia Stocks Up After Deal Over Greek Debt Reached

PAN PYLAS

LONDON (AP) â¿¿ A deal to give Greece more cash was greeted with measured relief Tuesday, though concerns remained over the country's ability to implement its required reforms as the economy shrinks.

In the early hours of Tuesday, Greece's euro partners and the International Monetary Fund agreed to release vital loan payments totaling some ⿬44 billion ($57 billion) and introduce a series of measures designed to reduce the country's massive debts to a more manageable level within a decade. These include reducing the interest rates Greece has to pay on the loans and a still-vague bond buyback program.

Though the deal avoids an imminent bankruptcy of Greece, the country still has to implement wide-ranging cuts and reforms in the months and years ahead. Many in the markets think that will be too much for a country that's about to enter its sixth year of recession and a society struggling to cope with rising poverty levels and an unemployment rate of 25 percent.

"Clearly Greece undoubtedly has the capacity to throw further bad news over the coming months and years although for now such risks should be laid low meaning that the eurozone crisis should remain off the boil into year end," said Jane Foley, an analyst at Rabobank International.

In Europe, the FTSE 100 index of leading British shares rose 0.2 percent to close at 5,799.71 while Germany's DAX rose 0.6 percent to 7,332.33. The CAC-40 in France ended flat at 3,502.13.

The rally in Athens was minimal, with the main index up only 0.3 percent as investors had hoped for a little more debt relief from the deal.

The euro also gave up some earlier gains to trade 0.2 percent lower at $1.2945.

In the U.S., stocks were underperforming as investors fretted again over the prospects of a budget deal between the White House and lawmakers to avoid the so-called "fiscal cliff" of automatic tax increases and spending cuts at the start of next year. Those concerns more than offset a rise in a closely-watched measure of consumer confidence â¿¿ the Conference Board's main index rose to 73.7, its highest level since Feb. 2008.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs