EU leaders managed to agree on the Greek debt issue. Moreover, the EFSF will be expanded by 1 trillion euro. France announced that private holders of Greek bonds had agreed to write down 50% of the Greek debt. Moreover, the EU guaranteed 30B euro. Germany is pleased with the results of the latest EU summit.
According to the Department of commodity Trading of , if EU leaders hadn’t persuaded private bondholders to write down 50% of the Greek debt, the EU would now be suffering from a Greek default, with unpredictable global consequences.
Even though there are skeptical sentiments in the markets (say, Europe just bought a little time to postpone the problem instead of solving it), the overall market sentiment is positive. On Thursday the price of the Light Sweet Crude Oil futures headed for $95,00/b.
