Trading was quiet yesterday as US market was closed. However, developments elsewhere may give some hints on how the markets evolve for the rest of the week. While investors were mostly thrilled as Greece averted an immediate default after passing the austerity plan, sovereign debt problems in the European periphery has yet be an end. Gold rebounded strongly after falling to a 3-week low of 1478.3 last Friday as S&P said the Greek debt rollover plan would be qualified as a ‘selective default’ and the ECB said it would not accept debts of such type as collaterals.
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Greece Overhang Remains as S&P Treats Rollove as Selective Default
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