Greece has a new bailout plan and the market loves it
Greece has a new bailout proposal.
And the market likes it. On Thursday night, Greece submitted a new bailout plan to its European creditors, and the plan looks a lot like what it submitted back on June 26, when Greece decided to break off negotiations and call a referendum.
Among the highlights to the new plan is an increase in the corporate tax rate to 28% from 26% and plans to run budget surplus equal to 1% in 2015, 2% in 2016, 3% in 2017, and 3.5% in 2018.
And so with the market perceiving Greece as having caved, it is taking this as a sign that we are closer to a deal. And the market likes it.
Near 7:30 p.m. ET, Dow futures were up about 130 points but still below where they were at the peak Wednesday.
(FinViz)
S&P 500 futures were also up 12 points, and Nasdaq futures were up 26.
US stocks closed higher on Thursday, but just so, as stocks fell steadily throughout the day after rising sharply after the market open.
The euro was also slightly stronger against the US dollar after the news, but nothing major.
(FinViz)
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