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Greek authorities receive pledge of support from EU

Greek banking stocks have risen sharply today after confirmation that the EU will offer financial and practical assistance to the Greek government as the banking crisis continues to cause problems for the wider economy. While the Greek authorities have denied rumours that they will require bailout funding from the EU, insisting they can fight the fight themselves, it does offer much-needed support to the Greek economy and the Greek stock market.

This potential bailout move by the EU also reiterates the fact that the EU is far stronger today than it ever has been and more than willing to bailout member states for the good of the euro zone. This will offer much-needed support to countries such as Greece where the credit crunch and worldwide economic downturn have had a very damaging impact upon the financial sector. The country is also suffering from a massive budget deficit which is being addressed at the moment but has the potential to cause more problems if allowed to develop.

The very fact that the EU authorities have even contemplated a bailout of the Greek financial sector was enough for investors to pile back into Greek financial shares. Whether or not the Greek authorities will need this bailout fund remains to be seen but support has finally materialised.

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