Greece has submitted a new bailout proposal.
And the market likes it.
On Thursday night, Greece submitted a new bailout plan to its European creditors.
Among the highlights to the new plan is an increase in the corporate tax rate to 28% from 26% and plans to run budget surplus equal to 1% in 2015, 2% in 2016, 3% in 2017, and 3.5% in 2018.
Bloomberg characterised the plan as “similar” to the June 26 plan that saw Greek prime minster Alexis Tsipras call a referendum; Greece soundly rejected this plan in a vote last Sunday.
But either way, the market seems to like the plan, implying that it thinks Greece will strike a deal and stay in the euro.
Near 6:15 pm ET, Dow futures were up 101 points, a quick spike, but still below their highest levels of the day.
S&P 500 futures were also up 12 points and Nasdaq futures were up 26.
On Thursday, US stocks closed higher, but just so, as stocks fell steadily throughout the day after rising sharply after the market open.
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