Euro bounces back on Greek optimism

The euro hit a six-month high on Tuesday, a sign that investors are optimistic about Greece's plan to buy back some of its debt. The buyback is a critical part of a deal to secure a fresh infusion of bailout money Greece needs to avoid defaulting on its debt while it cuts spending to get its finances in order and dig out of a full-blown economic depression. Greece's troubles triggered the eurozone crisis three years ago, so its positive steps have triggered relief. "Greece is on track with its debt buy back, Spain came out and said it would take the 40 billion for its banks, and Portugal will get its next round of funding," said equities strategist Heinz-Gerd Sonnenschein at Postbank in Germany. "With it looking like Europe is on track, it is now over to the U.S. (to find a fiscal cliff deal)."



Subscribe to the Week