In the stock market, after Greece finally decided to come to an agreement to and accept the austerity terms in order to get a financial rescue package, UK stocks soared to its highest since July recovering from a drop a week ago. Reaching 5,905.7 at the close in London, the FTSE 100 index climbed by 53.31 or 0.9 percent, the top so far since July 26. The FTSE-All Share Index (ASX) elevated also by 0.9 percent today and Ireland’s ISEQ Index increased to 0.1 percent.
This past week legislation was finally passed by the Greek parliament early in the day as rioters struggled against the police to set fire on buildings in downtown Athens. Finance ministers of euro zone countries will be meeting in Brussels on February 15 to further tackle the specifics regarding the measure after there was disapproval of handing down 130 billion euro financial package when Greece refused the condition to turn austerity terms into laws. All the weight of this issue has been sent back to the euro-group finance ministers. They must quickly work diligently to take a position on the situation by endorsing the agreement or rejecting it.
Parliament Speaker Filippos Petsalnikos said that out of the total population of 199 Greek political leaders, only 74 voted against the terms presented to obtain financial aid.
Greece “will be saved in one way or another,” German Finance Minister Wolfgang Schaeuble told newspaper Welt am Sonntag yesterday.
The European Financial Stability Facility will sustain a “significant” portion of aid needed for the country’s effort avoiding defaults in debts said Christophe Frankel, EFSF’s Deputy Chief Executive Officer. In addition, he also said that the EFSF will continue giving contributions for the consecutive months and the period thereafter. UK stocks experienced a decline after Greece was not in terms with the remaining financial reforms needed for it to acquire its rescue package from the European Union and prevent a default.