European stocks stay strong as Greece passes austerity bill

Spread betting provider City Index takes a look at the financial activity shaping the markets on 30th June 2011.
By: City Index
 
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  
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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/.
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