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FTSE 100 rebounds on Greek hopes

The FTSE 100 has today rebounded slightly after a strong performance on Wall Street overnight amid hopes that the European Union will step in with a financial package to save the Greek economy. Only 24 hours ago there had been growing concerns that the Greek issue would not only transfer to the likes of Portugal and Spain but could also bring in other EU states which have struggled during the economic downturn. However, it seems the European Union is on the verge of announcing a financial package which should steady the situation and allow Greece to rebuild.

This is the first major test for the European Union which has so far had a relatively easy ride in the international marketplace. It has to be said that the European Union authorities have acted as quickly as possible and attempted to head off growing concern about the Greek economy and other Eurozone members. So what can we expect next?

If, as expected, the EU comes forward with a financial bailout package for Greece then this should stabilise financial markets and hopefully head off any further concerns regarding other Eurozone economies. However the proof is in the pudding and we await details of any potential rescue package.

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