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Greek Offer Cuts Europe Credit Risk as Euro-Exit Wagers Decline 

July 14, 2015

Selcuk Gokoluk, BloombergBusiness

Greeceā€™s offer to secure a new bailout deal sent European debt risk tumbling on optimism the nation will avert an exit from the euro.

The cost of insuring European corporate notes against default fell, with the gauge for junk bonds sliding by the most since October 2011, as Greek corporate and government debt rallied.

Greek Prime Minister Alexis Tsipras offered a package of spending cuts, pension savings and tax increases in exchange for a 53.5 billion-euro ($59.8 billion) bailout. The Greek parliament will debate the new offer Friday before a Sunday deadline set by European leaders to reach an agreement and avoid the nation leaving the euro.

Read More: BloombergBusiness

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