ATHENS, Greece (AP) — Greece will be unable to repay massive bailout debts without eventually restructuring them, the prime minister said, as pressure from lenders mounted on Athens to produce viable cost-cutting reforms to unlock emergency funds and prevent default.
Wall Street stocks surged Monday on a string of pharmaceutical deals and speculation of more monetary stimulus in China. The broad-based S&P 500 jumped 25.22 (1.22 percent) to 2,086.24, while the tech-rich Nasdaq Composite Index gained 56.22 (1.15 percent) to 4,947.44. US stocks were in the green all day after the S&P 500 shed 2.2 percent last week, falling four out of five days. Equity markets were also cheered by comments from People's Bank of China governor Zhou Xiaochuan that warned of disinflation and hinted at further monetary easing measures.