Stocks rise on Greek bailout hopes

[brentspeak]

Source: CNNMoney.com

By Alexandra Twin and Hibah Yousuf, staff reportersFebruary 9, 2010: 1:04 PM ET


NEW YORK (CNNMoney.com) -- Stocks surged Tuesday afternoon on bets that the European Union will rescue Greece from its debt problems

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News that European leaders will meet to discuss how to manage a growing debt crisis reassured investors.

European Central Bank president Jean-Claude Trichet is reportedly leaving a conference in Australia early to join the meeting. Olli Rehn, the new European Union economic affairs commissioner, said the EU will discuss the Greek debt problem in the coming days, according to published reports.

The threat of a default in Greece sparked fears of a broader crisis that could impact Portugal, Spain, Ireland, Italy and other debt-challenged European nations. U.S. investors are trying to gauge what kind of impact such a crisis would have on financial institutions as well as the still-fragile global economic recovery.

Read more: http://money.cnn.com/2010/02/09/markets/markets_newyork/

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Brussels apparently pulling out all the stops to prevent a "dump the Euro!" movement from cascading. They're probably just postponing the inevitable.