Greek policymakers narrowly back austerity measures

<p>Greek policymakers have backed fresh austerity measures, but by a narrow majority.</p>

The euro has held its ground in forex trading this morning (November 8th), as the future of the eurozone appears less uncertain than before following Athens' decision to back more cuts.

Just enough Greek policymakers gave the austerity measures the green light, with aims to secure the country's next tranche of rescue funding.

Prime minister Antonis Samaras said the struggling nation's coffers are on the brink of emptying completely and without this money from international lenders, the country risks defaulting on its massive public debt and forfeiting its place within the eurozone.

The €13.5 billion (£10.5 billion) savings bill includes pension cuts and tax rises and was passed with 153 MPs in favour – a majority of only three.

At 09:20 GMT today (November 8th), the euro was steady in trading with the dollar, with €1 buying $1.276, while it made little headway versus the pound, with €1 buying £0.799.

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