Euro Debt Deal at Hand?

Stocks are racing higher in Europe and now here in GastricBypassylvania.

Here’s the WSJ:

Euro-zone governments have proposed a new aid package for Greece and an overhaul of the currency bloc’s sovereign rescue fund, according to a recent draft of conclusions that will be published after Thursday’s summit of euro-zone leaders.

The overhaul will reduce the debt burdens of Greece, Portugal and Ireland and allow the European Financial Stability Facility to charge rates as low as 3.5%, according to the draft, a copy of which was seen by Dow Jones Newswires. The maturities of the loans it makes will be extended from an average of 7.5 years to at least 15 years, the draft says.

It feels like there’ve been so many deals and accords and resolutions etc so who the hell knows if this one sticks.  Stocks seem to like it so now we can foucus on our own Debt Ceiling crisis.

Hat tip to Simone Fox at Business Insider for finding the story and putting two and two together.

Source:

Euro Zone Proposes Fund Overhaul (WSJ)