US stocks inch upwards after Greek debt swap deal
Washington - After weeks of uncertainty over the Greek bailout, major US stock indices inched upward Friday after a large group of creditors agreed to accept losses on their holdings.
Greece evaded an imminent default after securing high participation - 85.8 per cent - in a debt swap deal that will drastically reduce its national debt, one of the main preconditions for the release of a new tranche of international emergency loans.
The Greek Finance Minister said it intends to make use of legislation to force remaining holdouts to participate in the bond swap and extended the deadline for holders of bonds issued under foreign law - of whom 69 per cent have so far signed up - until March 23.
The deal - in which investors were asked to accept a 53.5-per-cent loss - is a crucial part of the deal leading to the country's second 130-billion-euro international bailout.
The blue-chip Dow Jones index added 14.08 per cent, or 0.11 per cent, to 12,922. The broader Standard & Poor's 500 Index gained 4.96 points, or 0.36 per cent, to 1,370.87. The technology-heavy Nasdaq Composite Index rose 17.92 points, or 0.6 per cent, to 2,988.34.
The US currency rose against the euro to 76.2 euro cents from 75.3 euro cents on Thursday. The dollar also rose against the Japanese currency to 82.5 yen from 81.6 yen.//DPA
