Greece Continues to Leave Markets Questioning

To be the most effective trader you can be, you need to be aware of developments that could potentially affect the markets you trade.  Even the smallest news peice can have drastic impacts on markets and currencies.  Greece is one of these situations.  Read this quick update on the Greece debt situation:

Greek government announced it will not reach the fiscal goal marked for this year and agreed on adopting new austerity measures demanded by financial shareholders as a way to soothing fears on the market.

Greece approved the budget project for 2012, which will be presented to the parliament today and it is expected to be approved by October ends.

Analysts consider that the Greek deficit for 2011 will be at 8.5% on GDP, missing the 7.6% mark. By 2012 the deficit will be reduced to 6.8% but will not achieve the previously announced 6.5% goal.

According to Greek authorities, the reason for Greece not reaching its goals this year is the economy suffering a larger-than-expected recession. Estimations are considering a contraption on the activity level of 5.5% for this year compared to last year�s 3.8% projected in June.