The euro had a difficult day on Wednesday, thanks to very little data or news being released and investors waiting to see if the Greek parliament would push through the harsh austerity measures demanded by the Eurozone creditors. This was not helped by news from the International Monetary Fund (IMF) that suggested that Greece would need far more debt relief than the current levels.
Late last night, the required four pieces of legislation were duly passed by the Greek parliament amidst much rancour both in and outside the parliament building. The next step is for a number of Eurozone countries to put the matter before their own parliaments for ratification. If successful we should be able to put the Greek debt crisis to one side for a period. How long that period will be is open to debate given the IMF’s comments.