13th February 2012
The ratification of new austerity measures in Greece has led to a rally on the UK's blue chip index today (February 13th).
Proactive Investors reports the FTSE 100 has seen a rise of 1.05 per cent in trading so far this afternoon to 5,915 points - up by 63 points from Friday's close.
The move comes on the back of a tumultuous session in the Greek parliament, in which ministers gave their backing to new deficit-busting measures in a bid to maintain a grip on the country's massive debt issues.
With this new austerity package in place, it paves the way for a significant influx of European funding to help the country stave off a disorderly default, which could ultimately lead to Greece being forced out of the euro and markets once again being plunged into turmoil.
Last week, ongoing uncertainty over the future of the eurozone - and Greece in particular - led to markets around the world suffering. However, this latest announcement could now help to stabilise trading.
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