Finally, Stocks In Europe Are Rallying, Major Improvement In Greek Debt

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Photo: wwarby via Flickr

And despite the rogue trader situation at UBS, something which could easily further  undermine confidence in the European banking system, stocks are rallying in Europe.Another day of leaders promising bailouts and no defaults and no Eurozone breakups is being greeted with solid gains.

Italy is up over 1%.

France is up over 1%.

You get the idea.

The most notable move, though, is in Greek debt. The yield on the 2-year is seriously falling and is now just at 69%, vs. around 75% yesterday.

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