Pressure remains on Europe to come up with a new plan for Greece: Peter Cardillo

Peter Cardillo, Chief Market Economist, Rockwell Global Capital said that the optimism from Greece was short-lived. "The market had rallied initially, but the focus was mostly on the Spain and Italy bond rates, which moved higher. The pressure remains on Europe to come up with a plan by the end of the month," he said. He feels that the onus remains on the EU ministers at the end of the month and he expects some concrete announcement that will alleviate some of the pressure that is seen in the bond markets in Spain and Italy.