Greece has announced the acceleration of its budget spending reduction plan in order to get another (6th) loan from the ECB/EU/IMF trinity of lenders.
Greece is intended to toughen its austerity plan, including pension cuts (- 20% for those exceeding 1200 euro) and salary cuts for almost 30K state employees. The Greek authorities promise to cut the budget by 28B euro by 2014 (instead of 2015). Against the background of these promises the ECB/EU/IMF lenders resumed the talks with Athens.
The IMF expects the Greek economy to lose 5.5% this year and 2.5% in 2012.
FOREX.
According to the department of Masterforex-V trading system , EURUSD continues its long-term downtrend. If the price consolidates below the 1,3424-1.3363 area it will get an chance to reach another cluster of support levels (1,3095-1,3042). A trend reversal can be considered only after the price breaks above the MF pivot and sloping channel (as shown below):
