Nasdaq · October 27, 2011
The day Greece's debt was written down
+3.32%
single-day change vs previous close
Part of a longer stretch
Six months after Europe opened the taps
early in it · 2011-10-03 → 2012-03-26, +33.68% over the whole period
What happened that day?
- The Nasdaq rose 3.32% on the day
- Overnight European leaders agreed that private holders of Greek bonds would give up a large part of the principal
- Writing down debt means admitting it cannot be repaid. It had taken two years to get there
- At the same time they agreed to enlarge the rescue fund and raise bank capital. Three things were bundled into one deal
- The agreement wobbled within weeks, though, when Greece said it would hold a referendum
- In this period the market rose whenever a European summit was called and slid back once it ended
Sources
Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.