Euro falls on possible delay on Greek bailout |
| Reuters - Feb 15, 2012 |
The euro fell to a more than one-week low against the dollar and fell back against the yen after hitting a two-month peak on Wednesday as euro zone officials considered ways to delay a second bailout package for Greece while still avoiding a chaotic debt default.
European Union sources said the delay could last until after Greece holds elections in April, though there are options being considered that would still let Greece meet a 14.5 billion euro bond redemption payment due on March 20.
The news triggered stop-loss sell orders on the break of $1.31 in euro/dollar and below 102.82 yen in euro/yen.
"Europe and Greece are playing a game of chicken, and unfortunately their mutual unwillingness to back down this close to the March 20 deadline means that default may be unavoidable," said Kathy Lien, director of FX research at GFT in Jersey City, New Jersey. "In fact, the refusal of euro area countries to unlock bailout funds is a sign that they have become more willing to let Greece default."
Read Full Article from Reuters
- Posted: 2012-02-15 12:42:58
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