Today's M^3 - Greece Equity Market Up Over 8% for the Week

The end of the financial world has been averted, or at least put off for another week. As a result of progress being made on another Greek bailout package, equity markets surged across the world, with Greece leading the way with an 8.1% weekly gain.


Unfortunately for central banks around the world, oil also had a decent advance (which one can deduce by the gains in the Oil Service Sector Index and the NYSE Arca Oil Index).



Greek bonds remain at nose-bleed levels with the Greek 10 year over 16%. Former German Central Bank head Axel Weber recently made a comment that all of Greece's outstanding debt needs to be guaranteed. From the Wall Street Journal:

"Ultimately, solving the Greek debt problem will have to deal with the outstanding, past amount of debt, and there are, unfortunately, only very limited options: Either a default or partial haircuts or a guarantee for the outstanding amount of Greek debt," Mr. Weber said. "Governments have to decide which option they want to go for, but the current piecemeal approach of repeated aid programs inevitably leads to the latter solution."

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Click here for the current performance of global equity indexes.
Click here for the current chart of WTI Crude Futures.)