What’s ahead for stocks in the next 12 months

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The Greek parliament votes final approval on an austerity package–now the fate of a second rescue package rests with the Germans

Today the Greek parliament passed legislation to implement the austerity package it approved yesterday. That means the Greek legislature has now passed both bills that the European Union, the European Central Bank, and the International Monetary Fund said were required before the troika would pay out the money Greece needs to avoid a default in August.

Greek austerity package passes first vote

Today, June 29, Greek Prime Minister George Papandreou won the first vote on a new austerity package designed to 1) keep the cash flowing from the International Monetary Fund, the European Union, and the European Central Bank so Greece avoid a default in August, and 2) win European Union approval of a second rescue package designed to get Greece to 2013 or 2014.