News / Europe

Global Stocks Rise on Eurozone Hopes

World markets rose sharply Tuesday on hopes that Greece will be able to avoid a disastrous default. The country's finance minister told journalists that Greece expects to receive bailout disbursements on time, and there will not be a suspension of payments to other eurozone countries that also are plagued by high levels of debt. Reports that European leaders may be considering bolder moves to ease the region's debt crisis helped to ease investor concerns, but some European leaders are downplaying the speculation as premature.  

Financial markets reacted to positive news about Greece with big rallies across the board.  

In Asia - Tokyo's Nikkei was up nearly 3 percent. Hong Kong's Hang Seng closed more than 4 percent higher.  

Major indexes from London to Germany saw even larger gains, following assurances from Greek Finance Minister Evangelos Venizelos.

"The disbursement will take place and it will take place on time," said Venizelos.

The Greek government still must carry out highly unpopular austerity measures before eurozone countries approve another installment on Greece's first bailout package.  

Without the $10 billion disbursement, Greece says it will run out of money by mid-October.  

Greek Prime Minister George Papandreou spoke to German business leaders on Tuesday.

"I can guarantee that Greece will live up to all its commitments," said Papandreou. "I promise you, we Greeks will soon sight our way back to growth and prosperity after this period of pain."

But many in Greece are not so optimistic. Demonstrators, angry about wage cuts and tax increases, say poor people are unfairly targeted.

"Enough is enough," said a man. There is no way they can continue like this.  We will protest, we will strike because they are not fair.  The measures are not fair.  The same people keep suffering."

Despite continuing unrest in Greece, European leaders expressed confidence that painful reforms will lead to a more stable Greek economy.

German Chancellor Angela Merkel promised to do everything in her power to keep Greece in the European Union.  But she also moved to curb speculation about a larger eurozone bailout fund.

"We are simply not available for further economic stimulus programs," said Merkel. "The idea that growth can only be achieved through more debt is wrong - I'm deeply convinced of that."

Some economists say Europe's $600 billion emergency fund is not large enough to cover other European countries that may need assistance in the future.

For now, expectations of a possible end to the Greek crisis helped to lift U.S. stocks for a third consecutive session.

You May Like

Pundits Split Over Long-Term US Role in Afghanistan

Security pact remains condition for American presence beyond 2014; deadline criticized More

US Eyes Islamic State Threat

Officials warn that IS could pose a threat to US homeland More

Video Ukraine: Captured Troops Proof of Russian Role in Separatist Fight

Moscow says Russian troops crossed into Ukrainian territory by mistake More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Scientists Unlock Mystery of Bird Flocksi
X
George Putic
August 25, 2014 4:00 PM
How can flocks of birds, schools of fish or herds of antelope suddenly change direction -- all the individuals adjusting their movement in concert, at seemingly the same time? British researchers now have some insights into this behavior, which has puzzled scientists for a long time. VOA's George Putic has more.
Video

Video Scientists Unlock Mystery of Bird Flocks

How can flocks of birds, schools of fish or herds of antelope suddenly change direction -- all the individuals adjusting their movement in concert, at seemingly the same time? British researchers now have some insights into this behavior, which has puzzled scientists for a long time. VOA's George Putic has more.
Video

Video Ukraine: Captured Troops Proof of Russian Role in Separatist Fight

Ukrainian officials say they have captured Russian soldiers on Ukrainian territory -- the latest accusation of Moscow's involvement in the conflict in eastern Ukraine. VOA's Gabe Joselow reports from the Ukrainian side of the battle, where soldiers are convinced of Russia's role.
Video

Video Rubber May Soon Come From Dandelions

Synthetic rubber has been around for more than a century, but quality tires for cars, trucks and aircraft still need up to 40 percent or more natural rubber content. As the source of natural rubber, the rubber tree, is prone to disease and can be affected by bad weather. So scientists are looking for replacements. And as VOA’s George Putic reports, they may have found one in a ubiquitous weed.
Video

Video Jewish Life in Argentina Reflected in Yiddish Tango

Jewish people from across Europe and Russia have been immigrating to Argentina for hundreds of years. They brought with them dance music that was eventually mixed with Argentine tango. The result is Yiddish tango -- a fusion of melodies and cultural experiences that is still evolving today. Elizabeth Lee reports on how one band is bringing Yiddish tango to Los Angeles.
Video

Video Peace Returns to Ferguson as Community Tries to Heal

Thousands of people nationwide are expected to attend funeral services Monday in the U.S. Midwestern city of St. Louis, Missouri, for Michael Brown, the unarmed African-American teenager who was fatally shot by a white police officer August 9 in the St. Louis suburb of Ferguson. The shooting touched off days of violent demonstrations there, resulting in more than 100 arrests. VOA's Chris Simkins reports from Ferguson where the community is trying to move on after weeks of racial tension.
Video

Video Meeting in Minsk May Hinge on Putin Story

The presidents of Russia and Ukraine are expected to meet face-to-face Tuesday in Minsk, along with European leaders, for talks on the situation in Ukraine. Political analysts say the much welcomed dialogue could help bring an end to months of deadly clashes between pro-Russia separatists and Ukrainian forces in the country's southeast. But much depends on the actions of one man, Russian President Vladimir Putin. VOA's Daniel Schearf reports from Moscow.
Video

Video Artists Shun Russia's Profanity Law

Russia in July enacted a law threatening fines for publicly displayed profanity in media, films, literature, music and theater. The restriction, the toughest since the Soviet era, aims to protect the Russian language and culture and has been welcomed by those who say cursing is getting out of control. But many artists reject the move as a patronizing and ineffective act of censorship in line with a string of conservative morality laws. VOA's Daniel Schearf reports from Moscow.
Video

Video British Fighters on Frontline of ISIS Information War

Security services are racing to identify the Islamic State militant who beheaded U.S. journalist James Foley in Syria. The murderer spoke English on camera with a British accent. It’s estimated that several hundred British citizens are fighting for the Islamic State, also called ISIL or ISIS, alongside thousands of other foreign jihadists. Henry Ridgwell reports for VOA from the center of the investigation in London.

AppleAndroid