Greece has failed to fulfill some of the commitments accepted in exchange for the €110B loan. This is the conclusion made in the joint report by the IMF, ECB and Euro Commission. Now another loan to Greece is under question.
However the Greek authorities are determined to toughen their austerity measures even more in order to reduce the budget deficit. On June 3rd The Prime Minister of Greece George Papandreou is going to introduce another austerity program aimed at accelerating the privatization process and implementing tax hikes and benefit cuts. The package of austerity measures is expected to attract €6.4B.
FOREX. EURUSD has come out of the bearish sloping channel, completing the mid-term retracement of H8. According to the experts from the Department of Masterforex-V trading system , the currency pair is currently forming a bullish momentum. If there is a “moment of truth” and a bullish FZR, EURUSD will keep rallying within the framework of the long-term uptrend. In this case the closest resistance will be found at 1.4939. The retracement may continue in the form of the “Hound of the Baskervilles” pattern by Elder/MF. The wave level will be H16 while 1.3969 will become the closest support level.
