Greece’s Parliament Passed The Crucial Austerity Vote
29 June, 2011, 21:22. Posted by Zarathustra
Tags: Economy, Europe, Greece
The Greek Parliament just passed the austerity vote moments ago. The parliament secured 155 votes for the plan, while 138 voted against the plan. One ruling party PASOK MP Panagiotis Kouroublis voted against the plan, and has been thrown out of the part shortly after the vote, while one opposition MP voted for the plan.
This would pave way for the next tranche of €12 billion of bailout, avoiding the risk of default, which might happen within weeks if it does not pass the vote today. But this is just the beginning. Tomorrow, we will have the vote on the implementation of the austerity measures, including the privatisations of state assets and others.
The immediate reaction of the market, again, is sell on the news, with the Euro plunging.
More to follow…
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About Zarathustra
Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.