The euro was flat today after the European finance ministers agreed to provide Greece a bailout, but investors weren’t convinced that the situation in the eurozone will improve in the near future.
European finance ministers were meeting yesterday to decide the fate of Greece. They preferred to help the country rather than allow it to face default that could lead to dissolution of the eurozone. The aid package includes a 53.5 percent write-off for the Greek debt. Investors remained concerned, though, that the rescue not prevents a disaster, but only delays the inevitable. Analysts said that even after the help Greece’s debt equals 160 percent of nation’s gross domestic product.
EUR/USD traded at 1.3258 as of 15:47 GMT today after opening at 1.3243 and rising to 1.3293 — the highest since February 9. EUR/JPY was at about 105.71 after it opened at 105.44 and climbed to 105.99 — the highest level since November 14.
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