Source:
BloombergEuropean stocks rallied to the highest in 12 weeks after the region’s leaders agreed to expand a bailout plan to halt the sovereign debt crisis. Asian shares and U.S. index futures also climbed.
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“Although nothing ground-breaking was announced or any shock and awe sized bazookas were brandished, market sentiment has still been buoyed on the fact that policy makers are finally making some progress,” Jonathan Sudaria, a trader at London Capital Group, wrote in a note. “This is a firm step in the right direction.”
Read more:
http://www.bloomberg.com/news/2011-10-27/european-u-s-stock-index-futures-soar-on-debt-crisis-agreement.html
This could be the real deal and may be the beginning of a turnaround for Europe and other economies closely linked to the EU. The willingness for the Greek bond holders to accept a 50% haircut is what is most significant here. I have been somewhat pessimistic they could solve this mess but now I have renewed hope.