Investors are growing less skittish after Greece sold 5 billion euros ($6.8 billion) of notes last week and passed 4.8 billion euros of spending cuts, reducing the chances of a default. While the nation’s budget gap rattled world markets and caused the euro to weaken 4.5 percent against the dollar this year, German Chancellor Angela Merkel called the latest measures a “courageous step” and French President Nicolas Sarkozy said the euro region is ready to rescue the country.
“The EU and Germany have stepped in and said, ‘We’re going to support Greece,’” said Joel Levington, director of corporate credit for Brookfield Investment Management Inc. in New York, with $24 billion in assets under management. “It seems like that’s being managed prudently.”Read more
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