Euro slides as finance ministers struggle to agree on Greek aid
City Index November 13, 2012 2:15 PM
<p>The euro has depreciated as finance ministers struggle to agree on how to manage Greece’s aid.</p>
The euro has slipped in forex trading this week to two-month lows as a draft document prepared for eurozone finance ministers indicates Greece should be given a two-year extension to meet its austerity goals.
This would add €32.6 billion (£26 billion) to the struggling Mediterranean nation's bailout.
Greek prime minister Antonis Samaras has been pushing for the deadline for the country to meet its budget target since he was elected earlier this year and recently indicated the matter was under serious consideration by international lenders.
Eurozone finance chiefs met in Brussels to discuss new targets for Greece based on the reports and will gather again on November 20th to come to a conclusion.
Greece passed its new tough budget for 2013 at the weekend (November 11th) and is now pushing to receive its emergency funding.
Mr Samaras has warned that without this next tranche of cash, the nation's coffers will run dry.
At 08:45 GMT today, the euro was 0.2 per cent lower versus the dollar to €1 buying $1.267 and the single currency depreciated by 0.2 per cent against the pound to £0.798.
Find out about the pound and forex trading at City Index.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.