Euro Falls on Greek Debt Crisis

An apparent stalemate has developed during an emergency meeting of Eurozone finance ministers on how to proceed with a rescue package for Greece. The growing uncertainty has pushed the euro lower in early morning trading in New York with the euro declining 1.1 percent to $1.4276.

“We are no closer to solving the crises,” Gary Jenkins, head of credit strategy at Evolution Securities Ltd. in London, wrote in a report today. “It may well be that ultimately the only real option is some kind of fiscal union as that would buy the peripheral countries time and may act as a firebreak against contagion from the Greek situation.”

Source: Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.