The euro gained 0.8 percent to $1.423 in New York this morning after German Chancellor Angela Merkel said there would be no debt restructuring for Greece. The comments were intended to calm fears after yesterday’s statement from Eurogroup Chair Jean-Claude Juncker suggesting that a “soft” restructuring could be necessary.
Merkel likely also hoped to ease investor fears that the recent arrest of IMF Managing Director Dominique Strauss-Kahn in New York could derail efforts to deal with the European debt crisis.
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