At the beginning of this week the Euro suffered as a result of persistent uncertainty regarding the Greek bailout.
The postponement of the decision of how to meet Greece’s 32.6 billion Euro requirements sparked concerns for the nation and the Eurozone, causing a general decline in the common currency.
However, the delay may not be as long as the ‘weeks’ first feared. One of the people involved in the decision making process has asserted that a deal on Greek aid will be reached next week.
According to Vittorio Grilli, the Italian Finance Minister, Eurozone financial chiefs should come to an accord during their meeting on the 20th.
Gill gave a televised interview in which he stated: ‘We know that there are several options for helping Greece get through this very important challenge. I am clearly optimistic that we can come to a decision. […] Right now we are focused on finding together with the suggestions and advice of the International Monetary Fund a solution, then we will see […] We are going through all the steps in Europe even if it looks like we are sluggish and behind the curve. I think we are addressing right now very important issues. And when we look back in a few years’ time, we will be ahead of the pack.’
Earlier this week the struggling nation was granted a two-year extension in which to reach its budget deficit target and Douglas Renwick, Fitch Ratings Director, indorsed the move.
He was quoted as saying: ‘With Greece, you have to be realistic on how much time they need. If you look at how much debt reduction they’ve done over the last three years, it’s actually been quite significant. They started from a very bad position.’
As of 14:25 pm
The Pound to Euro exchange rate is currently trading at 1.2454
The Pound to US Dollar exchange rate is currently trading at 1.5876
The Pound to Australian Dollar exchange rate is currently trading at 1.5371
The Euro to US Dollar exchange rate is currently trading at 1.2743
The Euro to Pound exchange rate is currently trading at 0.8027
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