Investors breathed a sigh of relief when Greek lawmakers approved austerity measures that might finally gain the credit-crunched country approval from officials at the European Union, International Monetary Fund and the European Central Bank needed to access a bailout fund and stave off bankruptcy.
As tiresome as the seemingly never-ending process has been for the Greeks to get with a cost-cutting program that will meet the strict standards of EU leaders, there's still hope that all their ducks are now finally in a row.
The Greek parliament's backing "is a crucial step forward toward the adoption of the second program," EU Economic and Monetary Affairs Commissioner Olli Rehn said, Bloomberg News reported.
"I'm confident that the other conditions, including for instance the identification of the concrete measures of 325 million euros (US$430 million), will be completed by the next meeting" of finance ministers, Rehn added. The next EU meeting is on February 15.
In Europe, the Stoxx 600 Index closed today's session with a 0.7 percent increase.
In early afternoon trading in New York, the Dow Jones Industrial Average rose 0.46 percent, the Standard & Poor's 500 Index gained 0.43 percent and the Nasdaq Composite Index climbed 0.67 percent.