Greek confidence vote sends Asian markets soaring

Greek prime minister George Papandreou yesterday survived a vote of confidence in his government, sending Asian markets soaring overnight.

The under fire premier was given the green light to push ahead with austerity plans after surviving a crucial vote regarding his cabinet. In reaction, markets moved higher on renewed hopes Greece can avoid default, with Asian and US shares closing sharply higher. The Nikkei jumped to a three-week high of 9,629 points, up 1.8%, while the Shanghai Composite also firmed, up 0.3% to 2,655 points. US markets had closed prior to the events in Greece, with the S&P 500 ending the day's trading 1.3% higher at 1,296. Papandreou is now in a position to push forward with his austerity plans...