The euro scaled a three-weak peak against the dollar on Monday, on optimism about Greece’s prospects after the government reshuffled its bailout negotiating team as the cash-strapped country seeks to avoid a default. Greece looks set to run out of funds in the coming weeks.
On Monday, Greek Prime Minister Alexis Tsipras appointed Deputy Foreign Minister Euclid Tsakalotos, an economist well liked by officials representing creditors, as coordinator of the bailout negotiating team, giving him a more active role in the debt talks.
The change would sideline Finance Minister Yanis Varoufakis, who had been very active in the Greek negotiating team. The Varoufakis-led team came out empty-handed from Friday’s meeting of the Eurogroup finance ministers in Riga.