World shares rally as greece approves property tax

Equity markets rallied in Europe and the US, and commodity prices rose as the Greek parliament approved a new property tax, a key condition of gaining more financial aid for the debt-laden country.

The new tax passed 155 votes to 142 against in the 300-member parliament, paving the way for international inspectors to return to Athens to judge Greece's progress in austerity measures.

The nation needs to get an 8 billion euro instalment by mid-October to avoid default. Greeks will pay the tax via their electricity bills, seen as giving authorities greater leverage than through the conventional and loop-hole ridden tax system.

Source: NZHerald.co.nz