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The article reports that stock markets in the U.S. and abroad rose sharply on news that Germany might not insist Greece restructure its debt as a condition of receiving more financial assistance from Europe. Investors have feared that a restructuring could exacerbate debt crises in other struggling nations including Portugal, Spain, and Ireland.

The article reports that sales by hedge funds have contributed to recent sharp declines in security, currency, and commodity markets. Investments in commodities, high-yielding currencies, and stocks had been informed by the view that global economies would continue to recover. Factors including a debt crisis in Greece have called that view into question.

The article reports that ratings agencies Moody's Investors Service, Standard & Poor's and Fitch Ratings have downgraded Greek credit and debt ratings calmly.

The article reports on the decision of Greece to delay plans to issue a 10-year bond after the government announces austerity measures that will cut spending by 2 billion euros to 2.5 billion euros.

The article reports on the decision of Standard & Poor's to downgrade the ratings of Greek corporate and mortgage-linked securities, including Public Power Corp. SA, amid concerns over the debt of the Greek government.

The article reports that the Greek Parliament approved a package of spending cuts and tax increases that had been demanded by the International Monetary Fund and European Union as a precondition to receiving financial aid. Financial markets reacted calmly to the news, with the euro gaining against the U.S. dollar and Greek bond prices rising a small amount.

The article discusses financial market results for June 15, 2011. The Dow Jones Industrial Average declined over 178 points, while the Standard & Poor's 500 index lost 22.45 points. Investors were said to be concerned about the potential impact on European banks of a default by Greece on its sovereign debt, as well as news of rising inflation in the U.S.

The article focuses on an increase in borrowing costs for weaker European countries. It states that bank bailout costs in Ireland and another probable bank bailout due to the inability of Allied Irish Banks PLC to sell its United Kingdom business has resulted in Ireland's borrowing costs to increase significantly. It comments on difficulties among Portuguese political opponents to create a budget compromise and the possibility of debt restructuring in Greece have also pushed up borrowing costs.