Bloomberg News

Euro Remains Higher Against Dollar After Greece Approves Plan

June 29, 2011

June 29 (Bloomberg) -- The euro remained higher after Greek lawmakers voted to approve a package of austerity measures that will help the currency region avert its first sovereign debt default.

The 17-nation currency climbed to the strongest level in a week versus the dollar after Greek Prime Minister George Papandreou garnered enough votes for his 78 billion euro ($112 billion) package of budget cuts and state asset sales, needed before the cash-strapped nation can tap a fifth portion of last year’s rescue and euro-area finance ministers can approve a second aid package.

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