Euro steady as Greek MPs sign off on budget cuts

<p>The euro has steadied versus the dollar and pound after Greece’s 2013 budget was passed by MPs in Athens.</p>

The euro has held its ground versus the dollar and pound in forex trading this morning (November 12th) following news Greek politicians have approved a further round of hefty austerity measures.

MPs signed off on the budget for 2013 in Athens last night, paving the way for the debt-addled nation to receive its next tranche of financial aid from international lenders.

The bill was passed with a decent majority even though public protests and general strikes in opposition to the measures – which include redundancies and government spending cuts – have put pressure on decision-makers.

Thousands of Greeks congregated outside parliament in the capital's Syntagma Square calling for MPs to vote against the budget and chanting slogans such as "out with the IMF (International Monetary Fund)".

Prime minister Antonis Samaras warned Greece's coffers risked running dry this week without its next boost of financial aid, putting the nation in danger of defaulting on its massive public debts and being forced to leave the eurozone.

At 09:35 GMT, the euro was marginally higher in trading with the pound to €1 equalling £0.800, while it was largely stable against the dollar to $1.271.

Find out about the pound and forex trading at City Index.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.