Greek budget cuts were approved Euro rises– June 29

Greek parliament approved today the package of budget cuts proposed by Prime Minister George Papandreou. These budget cuts are estimated at nearly 28 billion euros. This vote was critical for Greece to avoid default on its debt, and was one of the key conditions the European Union and IMF issued for approving the 110 billion euros rescue plan.

There are still concerns whether the current Greek government could implement these drastic steps as there were riots opposing these budget cuts.

On July 3rd the European finance ministers will decide whether Greece has met the conditions for its next financial aid.

The financial market didn’t show much reaction to the news as the Euro moderately appreciated against the US dollar.

Current Nymex crude oil price, short term futures (July 2011 delivery) is traded up by 1.92%, at $94.67 per barrel as of 19:23*.

Current gold price, short term futures (July 2011 delivery) is traded at $1,509.60 per t oz. a $9.4 increase or 0.63%, as of 19:20*.

Euros to USD is currently traded up at 1.4426 a 0.3824% increase as of 19:31*.

The USD to Canadian dollar exchange rate is traded down at 0.9709 a 1.0472% decrease as of 19:30*.

(* GMT)


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