Euro slides as Greece plans anti-austerity strike

<p>The euro has slipped in forex trading as Greeks strike against austerity cuts</p>

Following last night's (September 25th) protests against government spending cuts in Madrid, it seems similar civil unrest is brewing in debt-addled Greece.

The euro has slipped versus the pound and dollar in forex trading today on news trade unions in the Mediterranean nation commenced the first general industrial action since the country's conservative-led coalition government came to power in June.

A 24-hour walk-out is in protest to a planned package of austerity measures of more than €11.5 billion (£9 billion) to make the savings agreed as a condition for the country to receive its bailout funds – which are necessary to prevent the nation defaulting on its massive public debts.

Greece is in dire need of its next tranche of financing worth €31 billion, however record unemployment and with one-third of Greeks being pushed below the poverty line, Athens' decisions are meeting strong resistance.

At 10:20 BST, the euro was 0.2 per cent lower versus the dollar to €1 for every $1.287, while the single currency made similar losses in trading with the sterling to €1 buying £0.795.

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