The markets have been fairly flat during Monday’s trading, with a small improvement for GBP against the EUR. The pair is floating just under 1.40 and with Greece’s next repayment date fast approaching, it is likely we will see additional volatility on the pair in the build up to Friday’s decision. This is when Greece has to come up with another 300m EUR to the International Monetary Fund (IMF), or face defaulting on their debts, which in turn means a likely exit from the EUR.
With further deadlines on the horizon do not expect an end to the EUR current woes even if Greece do find their next repayment tranche and there are some bookmakers who have now stopped taking bets on whether Greece will exit the EUR by the end of 2015! Whilst I’m not a gambling man this does not fill me with confidence and Greece no doubt has a fight on its hands if it wished to remain a part of the single currency in the future.
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