Forex Flash: Greek government passes key austerity bill – Deutsche Bank (Barcelona) - Overnight the Greek parliament passed the austerity bill, which includes cuts to pensions, public sector salaries, tax hikes and increases in the retirement age. The final vote was 153 for the motion (out of 300 MPs) vs. 128 against with 18 abstentions and came amid a second day of protests of almost 100,000 people outside parliament.

The coalition came out somewhat bruised, with PM Samaras expelling one member from the New Democracy party with coalition partner PASOK expelling six lawmakers for their failure to support the bill.

According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “The Greek parliament reconvenes on Sunday (11th) to vote on the 2013 budget, after which the Eurogroup meeting is expected to approve the next €31.5B bailout payment on Monday (12th) – if all goes according to plan.”