Greece to Pass Austerity Plan With Changes, Risk Appetite Back On

on June 17 2011 3:07 PM
Greek Parliament
Protesters gather outside the Greek parliament in Athens Reuters

As reported by Reuters, Greece to pass austerity plan but with changes.

According to Greece's new finance minister, Evangelos Venizelos, Greece will seek approval from Eurozone finance ministers on Sunday to agree to some changes in a mid-term austerity plan that parliament is expected to pass.

The midterm plan is the passport for reliability not only for the fifth tranche but for the problem of the viability of the public debt, Evangelos Venizelos told Mega TV channel after he was appointed in a cabinet reshuffle.

The mid-term plan will have to be voted with improvements that have already been made in committee. And those that have already passed (in committee) must be agreed officially with our partners.

EUR/USD is up 100pips on the day currently trading at 1.4310.

US Equities are up on the day, S&P up 6pts.

Investors, central banks across the world, citizens of Greece, traders and China will be eagerly watching on Sunday to see if an austerity plan actually gets passed.

 

 

 

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