European stocks stay strong as Greece passes austerity bill

June 30, 2011 - PRLog -- Spread betting provider City Index (http://www.cityindex.co.uk/) takes a look at the financial activity shaping the markets on 30th June 2011.
The Greek parliament has this afternoon (June 29th) agreed to a new austerity package of reforms in order to help increase its ability to pull itself out of serious sovereign debt.

Investors had expected politicians to approve the strict measures and as a result, stocks in Europe had been trading up this morning.

Their performance has continued throughout the afternoon session, with the German DAX up by 1.36 per cent as of 15:21 BST.

London's FTSE 100 had also advanced on yesterday's close, climbing by 1.14 per cent to reach 5,832.82 points.

Meanwhile, the French CAC-40 had increased its standing from the morning session to 1.65 per cent.

Prime minister of Greece George Papandreou has now survived this vote, as well as a call of confidence over his leadership, following a reshuffle of his cabinet.

Prior to the yes vote, the Financial Times reported Greece's finance minister Evangelos Venizelos as saying: "Greece faces a grim future. We don't have another choice ... We have to stay in the euro."

See the City Index Economic Calendar for more information on the latest market moving events  
Spread betting and CFDs are leveraged products which can result in losses greater than your initial deposit. Ensure you fully understand the risks.
* Spread betting and CFD trading are exempt from UK stamp duty. Spread betting is also exempt from UK Capital Gains Tax. However, tax laws are subject to change and depend on individual circumstances. Please seek independent advice if necessary.
About City Index:
Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform.
As a group, we transact in excess of 1.5 million trades every month for individuals in over 50 countries worldwide. We provide access to a wide range of instruments including margined foreign exchange, CFD trading and, in the UK, financial spread betting.
We constantly look to widen the range of assets we offer, improve the performance of our platforms and expand the range of services we provide. The result is that our customers benefit from innovative trading tools with transparent pricing, competitive spreads, and a high standard of customer service and support. Visit http://www.cityindex.co.uk/ for more information.

# # #

As a group, City Index transacts in excess of 1.5 million trades every month in over 50 countries worldwide. We provide a wide range of instruments including forex, CFD trading and spread betting. For more information, visit http://www.cityindex.co.uk/.