Greece's financial meltdown has overshadowed yet another European Union summit. EU members held a two-day meeting in Brussels this week and reenforced a message of austerity for Greece. They've agreed to give 150 billion dollars worth of aid, providing Athens agrees to new budget cuts and economic reforms next month. Greece's Prime Minister has pledged to push reforms through parliament. Also at the summit, Italy's Mario Draghi was declared the new president of the European Central Bank. 

 

News that EU leaders reaffirmed their commitment to help Greece boosted local trade. The All Ords and the ASX200 finished the week with small gains. Across the region, trade was broadly stronger with an exception of New Zealand. In the United States, markets have closed the week lower, the Dow Jones is down by about 115 points. And the Aussie dollar is weaker against the greenback.