Greece Debt Crisis | featured news

U.S. stocks closed in on the psychologically important mark of 13,000 for the Dow Jones industrial average as optimism about the Greek bailout and the European financial situation sent stocks up in early trading.

The letters aim to satisfy one of the key demands set by Greece's international lenders, but other issues remained unresolved.

Latest austerity cuts approved as 100,000 take to the streets in protest; 93 buildings damaged in Athens.

Greece's Cabinet approved austerity measures demanded in return for a new eurozone bailout of the debt-stricken country Saturday, a day ahead of a crucial vote in Parliament.

As is increasingly the case with the European financial crisis, the story changed between the time the evening papers went to bed Thursday night and the traders woke up Friday morning.

After days of talks, Greek political leaders reached a deal Thursday to support a package of harsh austerity measures demanded by Greece’s financial backers in return for a bailout.

Stocks edged lower on Monday as a delay by debt-ridden Greece in accepting the terms of a bailout gave investors little reason to buy equities after a five-week rally.

Greece's private sector creditors could take a loss of more than 70 percent in a planned debt swap, Finance Minister Evangelos Venizelos said on Tuesday.

Greece must surrender control of its budget policy to outside institutions if it cannot implement reforms attached to euro zone rescue measures, the German economy minister was quoted as saying on Sunday.

Greece and its private creditors said on Saturday they were piecing together the final elements of a debt swap and expected to have a deal ready next week, essential for sealing a new bailout and avoiding an uncontrolled default.