Forex Trading News – Greek austerity plan vote

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Few hours ago started in the Greek Parliament the session for the approval of the new austerity plan, this session has been characterized by most investors, politicians and journalists as the most crucial after the restoration of democracy in the country on 1974. Markets are focusing the whole week for the outcome of the vote as it is not only important for Greece, but for the world economy as a possible default may have characteristics of domino. The conservative opposition party objects strongly to the new austerity package and the president of the party stated several times the last few weeks that he and his party will not vote for the plan. Many European leaders along with the European Peoples Party have pushed and threatened Antonis Samaras (president of the opposition) to change his mind and to vote in favour of the plan, as there is no plan B for the country and a possible rejection may lead to default. However, we had a surprising development in the Greek Parliament house, as one of the members of the conservative party has stated that she is willing to vote for the new austerity plan in order to help to save Greece from bankruptcy as she claimed. Nevertheless, uncertainty still persists, since two of the members of the Socialistic government party have not made clear yet their intentions concerning their vote. The EURUSD pair is now trading at 1.4430, after making an 82 pips rally from the opening of the European session to hit a ten days peak of 1.4447.