That was the essence of what Greek PM Lucas Papademos asked from his ministers as the Greek saga moves on. Four ministers from the LAOS party resigned as a result, while Saturday and Sunday will see Greeks on strike again. Despite these drawbacks, the Cabinet has approved the budget and this should be able to secure the 130B euros of loans from the Troika. U.S. stocks which had seen the light at the end of the tunnel on Thursday came crashing on Friday as the EU finance ministers asked more from Greece. Initially, the world had thought that the issue had been resolved when the ECB President Mario Draghi stated that party leaders had agreed on the austerity budget proposed. This positive boost on sentiment turned out to be short-lived as shortly afterwards the EU wants more from the budget proposal. Meanwhile, Fitch Ratings on Friday said that with or without the rescue package, Greece will default eventually.

Read more