Euro Falls from 1.30 as Lack of Detail in Greece Plan Weighs Heavily

The euro edged lower against the dollar and yen on Tuesday as optimism about a Greek debt deal gave way to worries about the lack of details in the plan.

The single currency shared by 17 countries had risen to a near one-month high above $1.30 after euro zone finance ministers and the International Monetary Fund agreed to reduce Greece’s debt, which paves the way for the release of Greece’s urgently needed aid loans.

While the deal may have bought some more time for Greece, investors focused on the lack of details on a Greek bond buyback, which has to be carried out before the IMF can release its share of the aid tranche in December.

There was also concern about Athens’ ability to meet debt reduction targets to ensure release of cash installments.

via CNBC

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