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ForexTV NewsDesk | February 13 2012 12:30 EST
ForexTV.com (New York) by Chikako Shitani
After weeks of arguing, the Greek parliament has finally approved the austerity deal as their second rescue package. Although the approval of this package was more like a condition set by Euro zone finance leaders who put together - 130 billion pound for Greece and there is no guarantees that it will be the last.
Greece had to choose either collect a 14.5 billion pound debt by next month or face a disorderly default. An unexpected default would make us see an actual Greek tragedy affecting the Eurozone and the global economy. So stakes were high for both Greece and the Euro-zone leaders.
The deal has to slash spending by over €3 billion in 2012 alone, including further cut retiree pension benefits and reduce the minimum wage of as much as 22%. With unemployment soaring at near 20%, public resentment against the political leaders has resulted in weeks of violent protests in the capital city of Athens.
Stocks are up as the report fueled optimism the Greece is weathering the Eurozone crisis. The Standard & Poor’s 500 Index rose nearly 0.5 percent to 1,349.17 The Euro gained 0.15% to 132180 at 12:25 p.m. in New York.
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