Markets rally on bullish talk by G20 ministers

INTERNATIONAL stock markets rallied in afternoon trading on the back of bullish talk from G20 finance ministers, and despite further talk of a Greek default — from the country’s own finance minister.

Evangelos Venizelos reportedly said (although he later denied it) that an orderly default — with a 50% haircut for bondholders — was one of three possible solutions to Greece’s economic woes.

The Greek finance minister’s musings were given added strength by Klaas Knot of the European Central Bank (ECB), who said that a default by the country couldn’t be ruled out.