US stocks opened lower Tuesday 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 installments of 43.7 billion euros ($57 billion) through March.
The Dow Jones Industrial Average was down 27.19 points (0.21 percent) at 12,940.18 in early trade.
The broad-market S&P 500 lost 2.37 (0.17 percent) at 1,403.92, while the Nasdaq Composite slipped 4.26 (0.14 percent) to 2,972.52.
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.
(source: AFP)
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