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

US Investors Eye IPO for China's Alibaba

E-commerce giant handled 80 percent of China's online business last year, logging more Internet transactions than US-based Amazon.com and eBay combined More

Video Uneasy Calm Settles Over Israel, Gaza Strip

As cease-fire begins, Palestinians celebrate in streets; Israelis remain wary More

Video Chinese Doctors Use 3-D Spinal Implant

In treatment of a 12-year-old boy Chinese doctors used a 3-D printer and special software to create an exact replica of vertebra 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.
Chinese Doctors Use 3-D Spinal Implanti
X
August 27, 2014 4:53 PM
A Chinese boy suffering from a debilitating bone disease has become the first patient with a part of his spine created in a three-dimensional printer. Doctors say he will soon regain normal mobility. VOA’s George Putic reports.
Video

Video Chinese Doctors Use 3-D Spinal Implant

A Chinese boy suffering from a debilitating bone disease has become the first patient with a part of his spine created in a three-dimensional printer. Doctors say he will soon regain normal mobility. VOA’s George Putic reports.
Video

Video Uneasy Calm Settles Over Israel, Gaza Strip

Israel and the Gaza Strip have been calm since a cease-fire set in Tuesday evening, ending seven weeks of hostilities. Hamas, which controls Gaza, declared victory. Israelis were more wart. VOA’s Scott Bobb reports from Jerusalem.
Video

Video India’s Leprosy Battle Stymied by Continuing Stigma

Medical advancements in the treatment of leprosy have greatly diminished its impact around the world, largely eliminating the disease from most countries. India made great strides in combating leprosy, but still accounts for a majority of the world’s new cases each year, and the number of newly infected Indians is rising - more than 130,000 recorded last year. Doctors there say the problem has more to do with society than science. VOA News reports from Kolkata.
Video

Video Northern California Quake: No Way to Know When Next One Will Hit

A magnitude 6.0 earthquake rocked northern California’s Napa Valley on Sunday. Roads twisted and water mains burst. It was the wine country’s most severe quake in 15 years, and while hospitals treated many people, no one was killed. Arash Arabasadi has more from Washington on what the future may hold for those residents living on a fault line.
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 were 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 from the Skirball Cultural Center in Los Angeles, where one band is bringing Yiddish tango to an American audience.

AppleAndroid