Greece's parliament Thursday passed an austerity bill that will allow the country to receive a joint European Union-Intenational Monetary Fund emergency loan.
Britons bore the brunt for the second time after the global meltdown as the David Cameron government Tuesday introduced the harshest of spending cuts in several decades amounting to £40 billion, saying there was no alternative to bring down the gigantic budget deficit.
Stocks closed higher today on news that Greece will receive its next installment of bailout funds after accepting deeper austerity measures to deal with its debt.
Spanish Prime Minister Jose Luis Rodriguez Zapatero has reiterated his administration's commitment to reduce the country's budget deficit by implementing austerity measures.
Good news out of Italy and Greece buoys stocks going into the weekend, as risk level abates. The potential for an upside breakout per a move above DJIA 12,200.
It's decision time for Greece and Italy. Expect a sharp rebound into Friday possibly to DJIA 12,030 (S&P 500: 1255) - a sell off late Friday without good news.
Greek Prime Minister Lucas Papademos is negotiating with other Greek politicians to accept a draft deal that could restructure Greek debt and stave off default.