CAC Gains Ground As Eurozone, IMF Agree On Greece Bailout


By Kenny Fisher

The CAC index has gained ground in the Friday session. The index has gained 0.74% and is currently trading at 5255.30 points. On the release front, the focus is on inflation, as Eurozone Final CPI dropped to 1.4%, matching the estimate.

Eurozone lenders and the International Monetary Fund have agreed to a bailout for Greece. Under the terms of the agreement, the eurozone will provide Greece with a total of EUR 8.5 billion – 7.7 billion in early July, and 0.8 billion at a later time. The IMF has also pledged to provide funds, but not before it received details of Greece’s debt sustainability. The deal comes at a critical time for Greece, which despite severe austerity measures, is again on the verge of default. The Greek government has implemented tax hikes and pension cuts, and is hoping that the battered economy has turned the corner with this injection of funds.

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