This afternoon the Greek parliament approved a series of measures meant to reduce its debt and increase the confidence of euro-zone economies that are preparing to approve the final stages of the second bailout package. Greek parliament pushed through 3.2 billion euros of spending cuts that will reduce budgets for health care, welfare, and pension plans. These cuts will certainly do nothing to quell overall discontent amongst the Greek public, however, these measures have found favor with top EU finance ministers.
EU ministers are gathered in Brussels this afternoon in order to work out the final contours and approval of the second Greek bailout package. Essentially, the package has already been approved. What remains are the last details for ministers to work out.
Given the overall upsurge of the USD, the possibility of this making a huge impact on the euro could remain slim. As this story progresses, we'll keep an eye on how this affects the market.
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