Asian markets rally on hopes of euro debt resolution

After witnessing bloodbath in previous session, all the Asian counterparts bounced back and ended the terrific day of trade with a decent gain after a pledge by European officials to resolve the region’s debt problems helped soothe market sentiment. Investor’s sentiment improved after European ministers told a meeting of global finance leaders in Washington over the weekend that they would take bolder and more decisive steps to pull Greece back from the brink of bankruptcy. The country has only enough money to last until mid-October. Moreover, financial stocks were buoyed by hopes that a plan was in the works to prevent Greece from defaulting on its debts - an event that might crush banks with significant holdings of the country’s bonds and cause domino-style defaults in other indebted countries such as Italy.