it is learned, Greece new Cabinet has approved the draft Bill in the implementation of the new fiscal plan, but Bill can be voted before the month is not optimistic, this will affect the outside world on Greece for further assistance, together with Italy and Spain no small risk of outbreak of the debt crisis, the market continued bearish the euro.
one Greece 22nd says of government officials, as accepting the European Union and the International Monetary Fund (IMF), one of the remaining conditions for aid, Greece Cabinet approved on 23rd drafting bills to determine details of the new five-year fiscal measures.
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the "Euro purchase now. "Japan's third-largest financial institution DaisukeKarakama, analyst at Mizuho Industrial Bank," said Greece unless at an unprecedented rate for fiscal tightening, or additional loan assistance to that country only will postpone its breaking point. "
in the London market, EUR/USD fell to 1.4307, than the decline the day before 0.4%. According to Bloomberg, resolutions of the European Union on July 3 Greece meet tight fiscal targets and decide whether to increase its assistance.
Greece the Government won the vote, media said that this would help Greece resolve the current crisis will help Greece obtained the assistance of international institutions, through fiscal austerity programmes. However, Greece can finally implement further tightening of the financial plan, the key depends on June 28, can be adopted by Parliament. From here, the Greece debt crisis still exist uncertainty, this is also the factors impeding the further chonggao of the euro.
the United Kingdom reported the financial times, Greece opposition leader said on 22nd, the party will vote against the Government's latest austerity programme. AntonisSamaras centre-right parties of the new democratic party leader said the tax increase plan opposition, currently Greece's poor economic situation, tax increases will affect the residents ' consumption, thereby inhibiting economic needs.
rescue party manners softening, reflecting Greece debt crisis harms gradually increased. Germany Angela Merkel on 22nd warned Greece comprehensive and large-scale implementation of debt restructuring will have on financial markets "totally uncontrollable" effect, and may affect the financial stability of other countries.
Merkel comments confirmed she was in Greece's debt crisis has softened its position on the issue until last week, Merkel's stance should be excluded except Greece debt to private creditors possibilities other than voluntary debt moratorium, such as imposing a comprehensive debt restructuring.
Ms Merkel said, forcing reduced Greece debt repayments amount endangers not only banks and other investors to hold these bonds, will also hurt those with Greece debt payments does not breach the premise of providing investment insurance financial institutions.
she pointed out that those credit default swaps (CDS) is far greater than the value of the subject matter of the Greece debt itself, once the default clause is activated, the unpredictable consequences.
now Italy and Spain accumulation of risk of the outbreak of the debt crisis, is also on the prospects of the euro concerns lingering euro low short term trend is difficult to change.
Italy economy Ministry is working on measures aimed at by 2014 to cut budget deficit of 43 billion euros, new projects are expected to be approved by the Cabinet next week. Expect Italy 2011 budget deficit will fall from 2010 to 3.9% per cent of GDP. Compared to most countries in the eurozone, such a low level has a lot, but Italy's debt level has reached around 120% per cent of GDP, is the 17 Member States of the eurozone after Greece country.
Spain economic deterioration has just been IMF warnings, IMF said "the country's economy has not fully repaired, is at greater risk.
IMF call for Spain reform efforts must not cease to support recovery, reducing the unemployment rate up to 21%. Spain Parliament on 22nd by new labour market reforms, both employers and employees greater flexibility on the salary negotiation in the future, hope to boost investor confidence.
economists say implemented a 30 year old system too rigid, in Spain to combat recession, rush to create jobs, especially harmful. End page to join the body
