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The stock markets in the United States rallied today after suffering a significant decline yesterday due to investors' concerns regarding the potential exit of Greece in the Eurozone.

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Commenting on the market movement, Bill Schultz, chief investment officer at McQueen, Ball & Associates t old Bloomberg, "We're getting a little relief from yesterday's selloff, but investors are still reluctant to commit capital. While people may downplay the contagion effect, there's still uncertainty out there."

Today, Greek Prime Minister Alexis Tsipras is requesting the European Stability Mechanism ESM to provide a two-year bailout program citing the reason that his country met the conditions provided in Article 3 of the ESM Treaty and Article 2 in the guidelines.

According to Tsipras, Greece will use the loan "exclusively to meet the debt service payments" of the country's external and internal debt obligations.

The Greek Prime Minister is also asking the ESM to extend its existing bailout program for a short time to ensure that a technical default will not be triggered. According to him, Greece is fully committed to servicing its external debt in a manner that secures the viability of its economy, growth, and social cohesion.

Germany's Chancellor Angela Merkel dismissed Tsipras request for aid hours prior to the expiration of the bailout program and the deadline for Greece's payment to the International Monetary Fund IMF.
Merkel said, "We'll negotiate about absolutely nothing before the planned referendum is held."

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