Art Cashin: A Nagging Question in Greece Bailout
European leaders at Thursday's EU meeting in Brussels vowed to help Greece survive its mounting debt crisis. How will markets digest the news? Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his stock-market insights.
Shares on Continental and American exchanges had rallied earlier in the week in anticipation of a rescue package — but Cashin says there's no reason to "smile" yet.
"We have a concept about Greece — we don't have a plan. A concept is, 'let's be in Los Angeles on Tuesday.' A plan is how you get there and what time you leave."
Cashin noted one particular nagging uncertainty that could stymie a recovery off an EU bailout — and which could derail markets as well: "How will unions in Greece react to it?"
"Until we get to see what kind of specificity comes up in this supposed rescue package, the market's response will be muted."
"You give me specifics, I'll give you a smile," Cashin concluded.
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Disclosure information was not available for Cashin or his company.