Home > Resource Hub > Daily Market News > Greek Parliament passes new austerity measures

Greek Parliament passes new austerity measures

Greek Parliament passes new austerity measures

The Greek Parliament finally passed its austerity budget on Sunday by 199 votes in favour to 74 against. However, the government still needs to detail how it will cut expenditure by €325 million. The leader of New Democracy, Antonis Samaras, who is seen at a potential Prime Minister after elections in April has already said that austerity measures should be renegotiated after April, which will continue to keep other Eurozone member governments nervous. Eurozone finance ministers are due to meet on Wednesday to confirm the bailout agreement. The deadline for a Greek default is March 20th when a coupon payment is due.

With no significant releases due today, markets will instead concentrate on other risk events this week. Aside from the Eurogroup Finance Minister’s meeting, the key remains Wednesday’s the UK’s Inflation Report Press Conference. While Governor King should be able to point to falling inflation, we suspect that growth forecasts will have been shaded down, reflecting data releases over the past few months. King is likely to remain cautious on the outlook for growth, which the market will interpret as leaving the door open for more asset purchases after May, which in turn will be negative for GBP.

Currency UK will offer you the best exchange rates available and ensure that you subsequent international transfers are handled as quickly and as efficiently as possible.

Do you want to earn some extra money? Then you can profit from our affiliate program by referring a company or friend that may benefit from our services and earn a commission in return.

Contact us now on +44 (0)20 7738 0777 or click here.

Share this case study
Set yourself up in minutes, make payments the same day: it’s free, easy and without obligation.