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Trader Todd Ingrili working on the floor of the New York Stock Exchange on 5 June 2011. AP Photo/Richard Drew
Markets
Markets stabilise on Greek confidence vote
Papandreou’s government survived its crucial confidence motion last night
THE GLOBAL MARKETS took the Greek government’s successful confidence motion last night as a positive sign.
However, the initial boost appears to have waned somewhat since, according to Reuters, which reports that some investors switched their focus from the European markets and the euro to the US Federal Reserve.
Portuguese and Irish bonds fell, while German bonds rallied. Business Insider’s Joe Weisenthal reports that the Irish two-year bonds have reached a record Euro-era high.
The Greek parliament votes next week on a raft of controversial and tough austerity measures which the country’s international creditors want to see passed before the end of June. EU finance ministers have already warned that Greece must pass those measures before the country can have access to the next €12bn allocation of its €110bn bailout fund.
The Wall Street Journal reports that the European markets are down and the euro has fallen against the dollar today amid concerns that Athens has a lot of work to do to avoid defaulting.
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