Papandreou's Austerity Package Approved by Greek Officials
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The Street is focused on Greece Wednesday as Prime Minister George Papandreou received enough votes to push forward the first part of a highly-debated austerity package.
In a 155-145 vote, Greek Parliament approved a plan which will aid the country in implementing €78 billion ($112 billion) in budget reductions and asset sales. The plan needed to be approved before Euro-area regulators give the go-ahead on the latest tranche of financial aid to Greece.
Among other measures, Papandreou's plan includes increase retirement ages, higher taxes on heating-oil and restaurants and bars, and a reduction in the country's tax-free threshold from €12,000 to €8,000.
Reports of rioting in Athens continue to be widespread this morning. Following a 48-hour strike ahead of the vote, protesters have now turned their unrest on police and the parliamentary building itself.
The euro is rallying against most currencies Wednesday following the approved austerity package. Versus the US dollar, the euro last traded up 0.3 percent to $1.4323.
US stocks pared overnight gains upon completion of the vote. At last check, the Dow Jones was up 14, the Nasdaq was down 2.7 and the S&P 500 was up 3.
In a 155-145 vote, Greek Parliament approved a plan which will aid the country in implementing €78 billion ($112 billion) in budget reductions and asset sales. The plan needed to be approved before Euro-area regulators give the go-ahead on the latest tranche of financial aid to Greece.
Among other measures, Papandreou's plan includes increase retirement ages, higher taxes on heating-oil and restaurants and bars, and a reduction in the country's tax-free threshold from €12,000 to €8,000.
Reports of rioting in Athens continue to be widespread this morning. Following a 48-hour strike ahead of the vote, protesters have now turned their unrest on police and the parliamentary building itself.
The euro is rallying against most currencies Wednesday following the approved austerity package. Versus the US dollar, the euro last traded up 0.3 percent to $1.4323.
US stocks pared overnight gains upon completion of the vote. At last check, the Dow Jones was up 14, the Nasdaq was down 2.7 and the S&P 500 was up 3.
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