20 Jun '11, 10pm

Euro stabilises as markets await Greek vote

NEW YORK: The euro held stable against the dollar on Monday, maintaining its value as markets became cautiously optimistic that the Greek government would push through a set of austerity measures. The euro stood at $1.4301 to the dollar at 2100 GMT in New York on Monday, unchanged from late Friday, after a series of minor fluctuations. The stability of the single eurozone currency has been thrown into doubt by the Greek debt crisis, as investors fear that a default by Athens would have huge repercussions throughout Europe's financial sector. The government of Greek Prime Minister George Papandreou faces a confidence vote in parliament on Tuesday, which it must survive in order to push through its package of 28.4 billion euros ($40.65 billion) of austerity cuts. "People are a little bit upbeat about Papandreou getting through his confidence vote and the parliament passing t...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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