From BusinessInsider: Dow futures are also up over 100
points. What explains the spike?
At a ridiculously late hour of the night, the EU Summit
appears to have resulted in modest advances towards bailouts without the need
for harsh penalties.
This headline from Bloomberg, as tweeted out by Bloomberg's
Michael McDonough:
*EURO LEADERS RENOUNCE SENIORITY ON SPAIN LOANS -Bloomberg
Remember, after the European bailout a few weeks ago, the
hitch was the the funds (to be provided by the ESM bailout fund) would be
senior to existing sovereign debt, and this was seen as a problem for Spain
keeping market access. Evidently Europe has agreed to not have this new money
be senior to other sovereign debt, which is a minor pressure relief.
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