Eurozone benchmarks climb as Greece braces for austerity vote
City Index November 7, 2012 3:45 PM
<p>The main eurozone benchmarks have climbed on the day Greece votes on its crucial austerity measures.</p>
The major eurozone stock indices have made gains this morning (November 7th) as Greece braces to vote on fresh austerity measures.
However, some of this market buoyancy may be attributed to the result of the US presidential elections – in which Democrat Barack Obama was victorious – that are eclipsing the international business pages today.
Nevertheless, this is an important day for Greece, as prime minister Antonis Samaras has pleaded with politicians to agree to a fresh round of austerity measures that are essential if the country is to receive its next tranche of aid.
Parliament will decide later on €13.5 billion (£10.5 billion) in spending cuts, which include slashing pensions and raising taxes.
Without its next bailout boost, Mr Samaras says Greece's coffers will be empty by November 15th.
At 09:40 GMT, the German Dax index rallied by 0.4 per cent to an index value of 7407.8 points, while the French Cac 40 advanced by 0.5 per cent to 3499.2 points.
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