Bloomberg News

Euro, Stocks Pare Gain as Greek Austerity Plan Wins Enough Votes

June 29, 2011

June 29 (Bloomberg) -- The euro and stocks pared gains after Greek austerity measures needed to win European bailout funds received enough votes in parliament to pass.

Europe’s common currency slipped to $1.4391 at 9:08 a.m. in New York from more than $1.44 before the vote was announced. The euro was up 0.2 percent from yesterday. Standard & Poor’s 500 Index futures expiring in September trimming their gain to 0.5 percent from as much as 0.7 percent. The MSCI All-Country World Index of shares in 45 nations gained 0.9 percent.

Enough lawmakers voted in favor to pass Prime Minister George Papandreou’s 78 billion euro ($113 billion) package of budget cuts and state asset sales, a requirement before the nation can tap a fifth loan payment from the European Union and International Monetary Fund.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net


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