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NEW YORK (Reuters) - Stocks tumbled on Tuesday after investors were blindsided by a surprise call for a Greek referendum on an EU bailout plan, casting doubt on the sustainability of the recent market rally.
Stocks jumped more than 2 percent at the open on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with banks and insurers to accept 50 percent losses on Greek bonds.
Senh: Good to hear that European leaders finally came together and signed off on a plan to rescue troubled nations in the eurozone.
A top bank lobbyist insisted Saturday that banks and the eurozone are far from reaching a deal to cut Greece's debt, despite claims by eurozone finance ministers that they will ask banks to take steeper losses on their Greek bonds.
Greece will miss a deficit target set just months ago in a massive bailout package, according to government draft budget figures released on Sunday, showing that drastic steps taken to avert bankruptcy may not be enough.
Greeks expressed their misery on Monday at the erosion of their daily lives by austerity measures demanded by international lenders in exchange for bailout funds, ahead of a key parliamentary vote on extra property tax.