US stocks open lower despite Greek deal
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NEW YORK, Nov 27 AFP
November 28 2012, 01:51AM
US stocks have opened lower after Greece secured a revised bailout deal that will help it again avert a default on its huge debt load.
Doubts remained about the new deal, which allows Athens to trim its debt load through bond buybacks and reduced rates and promises new rescue loan instalments of 43.7 billion euros ($A54.63 billion) through March.
Five minutes into trade the Dow Jones Industrial Average was down 27.19 points (0.21 per cent) at 12,940.18.
The broad-market S&P 500 lost 2.37 (0.17 per cent) at 1403.92, while the Nasdaq Composite slipped 4.26 (0.14 per cent) to 2972.52.
European markets were mostly higher after the deal, but critics said the European Union and the International Monetary Fund had again "kicked the can down the road" with the new arrangement.
"We think that Greece will eventually need a much larger debt relief, but any agreement on this is unlikely to happen before German elections next fall," said Tullia Bucco of UniCredit Research.