Greek vote for more cuts boosts share prices over Europe

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London's FTSE 100 hit a six-month high after Prime Minister Lucas Papademos steered through the package in Athens as protesters, some wearing balaclavas or crash helmets, rioted on the streets outside.

The FTSE gained 0.9 per cent in early trading to hit 5,905.26, its highest level since July 26. Stock markets in Germany and France also rose, while Japan's Nikkei ended the day 0.6 per cent higher. Borrowing costs for Spain and Italy also fell amid hopes a eurozone collapse can now be avoided.

More than 40 coalition MPs resigned from Mr Papademos's coalition yesterday in protest at the latest round of harsh austerity medicine. It included an extra 15,000 public sector job losses, a 22 per cent cut in the minimum wage and a pension cut of 300 million.

The package was demanded by the eurozone and International Monetary Fund in return for a 130 billion bailout. Eurozone ministers must now ratify the measures at a meeting in Brussels on Wednesday. Without it, Greece cannot pay its bills.

The vote in the Greek parliament was passed by 199 votes to 74 as riots in Athens and other cities left shops looted, buildings burned and more than 120 people hurt.

More than 100,000 protesters had marched to the parliament to rally against the drastic cuts. Firebombs and stones were thrown at police, who responded with tear gas.

Fifty police officers were injured and at least 70 protesters were taken to hospital. Sixth-seven suspected rioters were arrested and a further 70 detained.

Mr Papademos called for calm, saying: "Vandalism and destruction have no place in a democracy and will not be tolerated. At these crucial times, we do not have the luxury of this type of protest."