Euro exchange rates took a have taken a nosedive in the past 24 hours as it emerged that Cyprus had indeed requested a bailout adding to the woes of the European Central Bank.
This indeed will not dent the European economy too badle as Cyprus is a much smaller problems than should we see a similar problem for Spain however it does just add to the problems for the ECB and makes the grey cloud hanging over the head of the Euro that little bit larger.
It is thought that in the European meetings due towards the end of the week an effective dripfeeding bailout for Spain and Italy may be thought up and I feel this may dent the Euro a little further. I personally don’t see GBP-EUR rates suddenly rocketing to 1.30 to be honest unless we see a big issue for the banks in Spain or something of a similar level, however I do not see the Euro gaining back much strength in the near term either.
As the old saying goes there is no smoke without fire and the amount of smoke gathering around Europe is becoming fairly thick and it looks very dark indeed.
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