Hey everyone, I am in Athens and it is freezing here. looks like another thing that is dropping degrees is the Euro... check out this article i found and enjoy reading it as much as I did..
The euro is under pressure on Wednesday after comments from European Central Banker Jurgen Stark telling Il Sole 24 Ore that investors must not assume that the EU will bail out Greece.
"Whoever believes that, at the end, the European Union state member will put their hands in their pockets to save Greece, will end up deluded," said the central banker.
Although he affirmed that Greece would likely deal with its fiscal problems without any outside aid, Stark was firm saying that a bailout should not be a foregone conclusion.
Responding to Stark’s comments in an interview with Bloomberg TV, Greek Finance Minister George Papaconstantinou said the country will not need a bailout to tackle its budget problems, and that Stark’s comments were misplaced.
"Frankly we don't need that clarification," Papaconstantinou told Bloomberg Television. "We don't expect to be bailed out by anybody as, I think, it is perfectly clear we're doing what needs to be done to bring the deficit down and control public debt."
The comments are significant to the euro which fell heavily in December after ratings agencies downgraded the country’s sovereign debt rating to levels substandard to ECB open market operations.
EUR/USD last traded lower by 15 pips at 1.4349 after trading in a range of 1.4284 to 1.4383 so far today. Short term support lies at 1.4258 with resistance at 1.4484.
No comments:
Post a Comment