Greece Unveils Austerity Plan

Investors were slightly mollified yesterday, leading to a rise in the euro against the US dollar.  The reason?  Principally, it was due to Greece’s unveiling of plans to put its economy back on track.  It plans to do so by introducing VAT rises, public sector cuts and other austerity measures to try and reduce the deficit from 12.7% to 8.7% within 2010.  Will they manage it?

The euro has really taken a strain thanks to the Greek Problem, while other european nations have been edging close to a similar situation.  Investors have therefore been largely cautious around the eurozone single currency.

Meanwhile, the pound is still enjoying a slight respite thanks to positive PMI and other economic data.

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