"There are nice things coming together,” said James Paulsen, chief investment strategist at Minneapolis-based Wells Capital, which oversees $340 billion. “Europeans are kicking the can down the road a bit further. It seems that the Greece situation is closer to being put on the back burner. The bottom- line is whether or not we recover from the soft patch. Most reports indicate that the economic softness has been only temporary.” (http://www.bloomberg.com/news/2011-06-30/asian-stocks-euro-advance-as-greek-default-concern-eases-treasuries-gain.html)
The market is cheering Greece putting a band-aid on a hemorrhaging artery as Greece celebrates their 78 Billion Euro bailout package.
This is almost completely senseless - Greece will default even with their proposed austerity measures, but at least we won't have to think about them for a few years. To the long term investor this is very worrying.
Avoid European banks for the next few YEARS! This will not end well.