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Greek PMs clear final hurdle to bailout talks

Published Thursday, July 23rd, 2015

The recent lull in Greek debt jitters was missing yesterday as lawmakers in Athens debated a second package of reforms demanded by its creditors in what was seen as the final hurdle to the start of its bailout talks. Alex Tsipras had set about removing hard-line Syriza members from his cabinet following the revolt seen in the previous parliamentary vote on economic reforms. His efforts to quell dissent saw a marginally smaller rebellion from within his party but he was ultimately still heavily reliant on pro-European opposition support to ensure the measures were easily passed into legislation. With Greek parliamentarians paving the way for negotiations over its third bailout to begin, attention will now turn to the potential of a snap election as the ability of Greece’s embattled prime minister to lead his country comes into question.

With little in the way of economic reports to digest, global equity markets were once again at the mercy of poorly-received earnings from tech heavyweights in the US. The disappointing results which were driven in part by the strengthening dollar continued to rattle investor confidence and maintained the downside momentum despite stock bourses having been close to multi-year highs. Concerns of the fallout on Wall Street from the buoyant greenback would have been offered little respite from robust US housing data revealing existing home sales climbing to more than an eight-year peak.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.