European markets up after Greece passes austerity bill

European markets up after Greece passes austerity bill
Monday, February 13, 2012 - 10:00am

European markets are reacting positively to the news that Greece's government has passed a tough new austerity bill. The bill's passage was necessary for the debt stricken country to receive bailout funds.

Markets aren't celebrating too much, that's because Greece must still cut a further 429 million dollars from its budget. The cuts are all part of a massive 172 billion dollar rescue package aimed at preventing the country from going bankrupt.

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