Forex News
November 26, 2012 @ 2:16 pm

Euro near month high versus sterling


Euro rose near a one-month high against the British pound in Monday’s European trading session as optimism for a Greek debt deal buoyed the single currency.

The euro traded around 80.92 pence, near a one-month high of 81.085 pence struck on Friday.

European finance ministers and international lenders are meeting for a third time this month today to try and conclude a deal to release the next bailout loan to Greece.

German Chancellor Angela Merkel said that she was confident a deal could be reached today. Also French finance minister Pierre Moscovici said on Sunday an agreement was close. Meanwhile  Greek Finance Minister Yannis Stournaras voiced confidence in the ministers.

Greece had fulfilled its part of the deal by enacting tough austerity measures and economic reforms.

But the preparatory document from last week said that the 120 percent target could not be reached in 2020, only two years later, unless euro zone nations accept losses on their Greek loans  and impose a “haircut” on the debt. In the meeting today, biggest battle is likely to be over this issue.

On the agenda will be the reduction of interest on bilateral loans, foregoing ECB profits on Greek bonds and the debt buy-back as the options that would need to be applied for a deal as well as additional financing for Athens to keep it funded until 2016, rather than only until 2014.

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