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FTSE rises on Greece austerity vote

The FTSE 100 has risen in early trades on the back of the decision by Greek MP’s to pass a new austerity package.

At 10.20, the blue-chip index rose by 0.9 per cent to 5904.53. Markets across Europe also rose with the French Cac 40 and the German Dax up 0.4 and 0.6 per cent respectively.

Greece needs to pass through the new reforms required by the European Union and the International Monetary Fund in return for a second £110bn bail-out. The new package includes £2.8bn of cuts.

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  1. As far as any hope of repaying what the EU has already poured into the country’s economy is concerned, Greece is already on the other side of no tomorrow. It doesn’t even have the wherewithal to pay the interest.

    At this stage in the game, further bail-outs are nothing more than desperate measures to stave off Greece’s inevitable default, in the forlorn hope that by the time it finally happens, all the other countries will have managed to gird their financial loins sufficiently to be able to withstand the fall-out and that Spain, Portugal, Ireland and Italy won’t follow suit, on the basis that if Greece can do it, we may as well too.

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