Greece aid hopes lift markets

Date: Wednesday 10 Feb 2010

Stock exchanges across the world advanced for the second day in a row as investors ponder how the European Union will help debt-stricken Greece.

Speculation has been rife since it was announced that European Central Bank President Jean-Claude Trichet has left a meeting of central bankers in Australia early to attend a special European Union summit on Thursday.

EU leaders are expected to address the euro zone’s debt problems at the informal gathering, with an aid package for Greece on the agenda.

Rumours emerged yesterday that the euro zone countries have agreed in principal to offer aid to Greece, though opinions are divided over whether the EU will go as far as announcing a bailout.

Shares in London and Continental Europe closed with good gains on Wednesday, with banking shares doing particularly well.

The rumours also helped the Nikkei turn out modest gains on Wednesday. The benchmark Nikkei 225 index closed up 31 points at 9,964 in Tokyo, while the Hang Seng finished higher after a choppy session.

US stocks are currently flat after the Dow Jones closed up 150 points at 10,058 the previous night.

Greece, meanwhile, has been cut off from the outside world by a strike that is grounding flights and shutting many state schools and offices for 24 hours.

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