Greek Debt Swap Success Called Likely
Enough holders of Greek sovereign debt have now signed on to the debt swap deal that is a prerequisite for a second bailout that success seems likely. However, there is still a chance that collective action clauses may be triggered.
ECB Eases Rates and Rules to Bolster Banks
The European Central Bank will lend banks as much money as they need for three years, in addition to dropping its key interest rate to zero and loosening collateral rules andreserve ratio requirements.