Spain will likely receive a $125 billion bailout, which should help U.S. markets for several days. The international economic outlook is positive ? for now. CNBC?s Brian Sullivan has more.
>>> tonight world markets are beginning to react news of a massive bailout for spain . european leaders are agreeing to lend up to $125 billion to rescue that country's debt-stricken banks. the rescue package is aimed at heading off a catastrophe that could have a ripple effect across europe and here at home. cnbc's brian sullivan joins us now in new york for a little insight into this. it was only friday the president came out and talked about the risk to the u.s. economy if europe doesn't get its house in order. will this be good news for our country?
>> it should be good news, at least temporarily. they were trying to prevent a 2008 -like bank run on the spanish banks . keep in mind that the economy of spain is bigger than greece , ireland and portugal combined. it was a big concern for the markets . it has weighed on the markets until this week. and spain went out and asked for a $125 bailout. and it looks like they will get it. and it should help our markets , at least for a few days, lester.
>> i was going to ask you about our markets , because after a horrible week ago, the last three days of the market were historic highs, at least for the year. what's the outlook?
>> the outlook temporarily is more positive. the european markets indicated higher as well. the big problem remains greece . they have a huge election next sunday. if that election does not go well, there is a possibility that greece could leave the eurozone, which would cast europe in a new chaos all over again. the markets will be good tomorrow, and maybe for a few days after that, but then greece comes back on the horizon.
>> brian sullivan from cnbc with us tonight.
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