Greece parties in rush as country's cash reserves diminish

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Source: Bloomberg
Greece's two historically competing parties are rushing to build a coalition as the nation's cash reserves fade, bank deposits leave the country and EU requires re-introducing austerity measures before providing more bailout financing. Greece may run out of cash in the middle of July. EU political officials demand Greece to renew spending cuts in order to receive next portion of USD 305 billion rescue package. 
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Mon, 18 Jun 2012 06:48:55 GMT

French Socialists win parliamentary elections

French President's Hollande's Social Party got the vast majority in parliamentary elections, exit polls indicated on Sunday. The Socialist party took 314 out of 577 seats while its main competitor Sarkozy's Popular Movement gained 228 places. The victory provides Socialists with a control over almost all French political institutions starting from presidency to lower and upper houses of parliament. 

Mon, 18 Jun 2012 06:26:55 GMT

Greeks support austerity

Greek voters elected a pro-austerity parties on Sunday, easing concerns about short term future of Euro Area and sending financial markets higher. Preliminary results show that pro-austerity force New Democracy has won with 29.7%. The anti-austerity party is likely to end second with a 26.9% gain. Currently ruling Pasok party gained 12.3%. Analysts expect that pro-austerity coalition consisting of New Democracy

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