Greek Government Agrees to Cuts

Greek finance minister Yannis Stournaras says the three parties in the country’s governing coalition have reached a “basic agreement” on the austerity package for 2013-14.

The measures are likely to be presented to Greece’s international lenders on Monday before going before parliament.

The cuts are necessary if Greece is to continue receiving bailout funds.

Earlier, Greece announced plans to sell most of its 34% stake in the gaming monopoly Opap.

Mr Stournaras said there were “very few details left to work out” on the austerity package.

The deal comes the day after 50,000 anti-austerity protesters took to the streets of Athens.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza