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Euro rises on Greek vote hopes, gains seen limited

Reuters - Jun 28, 2011

The euro rose on Tuesday on optimism Greece would pass a crucial austerity package needed to avert a debt default though further gains looked limited as uncertainty about a long-term solution remained.

Gains in global equity prices also boosted demand for the euro, as did comments from European Central Bank President Jean-Claude Trichet that policymakers were in strong vigilance mode on inflation. The phrase "strong vigilance" usually signals a rate hike at the next meeting.

Greek lawmakers will vote Wednesday and Thursday on a package of spending cuts, tax increases and privatizations required by international lenders as a condition for further aid. Athens needs the money to pay its bills next month.

"There seems to be a little bit more enthusiasm for the Greek vote tomorrow," said Vassili Serebriakov, currency strategist at Wells Fargo in New York. "The significance of this would be avoiding an involuntary restructuring of debt in the coming months.

Read Full Article from Reuters

- Posted: 2011-06-28 12:15:11

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