Euro makes gains as Greece is awarded extension

<p>The euro has made gains in forex trading as Greece announces its bailout extension.</p>

The euro has made gains in forex trading this morning following news the Greek government has been granted an extension for implementing the austerity measures necessary for it to receive its bailout funding.

Prime minister Antonis Samaras has been campaigning for the deadline to be pushed back by two years since before the two elections earlier this year, which he believes are grounds for allowing the troubled Mediterranean nation more time.

Athens is tasked with making significant savings requiring spending cuts, wage freezes and structural reforms in order for it to be given its next tranche of money from the so-called troika of lenders, the International Monetary Fund, the European Union and the European Central Bank.

Greece's finance minister Yiannis Stournaras said the country has been given more time, but did not disclose how much.

At 10:30 BST this morning (October 25th), the euro was higher in trading with the dollar by 0.2 per cent to €1 buying $1.300, while it retreated by 0.2 per cent against the pound to €1 equalling £0.807.

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