Today, the European Union came to an agreement on how to handle Greece's debt. They stuck a deal with private banks/investors; a "voluntary" 50% reduction in Greece's debt. This had a very positive effect on markets around the world, causing the value of the Euro to increase from $1.32 to $1.40 in a matter of hours. This is a good sign for the future of the European economy as well as the possibility that Russia and China might take on an active role in Europe's financial rescue.
Some good articles to look at are:
The New York Times...
http://www.nytimes.com/2011/10/28/world/europe/europe-in-accord-on-basics-of-plan-to-save-the-euro.html?_r=1&ref=world
and if you subscribe to The Wall Street Journal...
http://online.wsj.com/article/SB10001424052970203687504576654901570712070.html?mod=world_newsreel
Very Interesting. This shows how important the situation in Greece has become in the global market! Cutting Greece's debt in half appears to be a very good solution for the country to slowly work its way out of the debt crisis.
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