20th April 2015
The euro fell on Monday against a stronger dollar as fears over Greece’s debt problems deepened.
Yields on Greek three-year bonds rose to an all-time high of 26.97 per cent amid growing doubts over the country’s ability to strike a deal with its creditors that would avert a potential crisis in the eurozone.
As talks over Greece’s bailout rumble on, the International Monetary Fund said it was hopeful of a deal but stressed that the two sides were still far from reaching a deal.
Over the weekend, European Central Bank chief Mario Draghi and the US Treasury Secretary warned that the situation had become “urgent”.
The single currency slid half a per cent against the buck, which bounced back after last week’s run of disappointing economic data.
Meanwhile, European stocks were on the up after China unleashed more stimulus by cutting the amount of capital that banks need to hold.
The Stoxx Europe 600 rose half a per cent, having shed nearly two per cent on Friday as Greek debt worries grew, while Germany’s Dax index has surged by more than 1.5 per cent following a major sell-off last week.
The FTSE 100 climbed one per cent in early trading, led by surging mining stocks, before gains were pared later in the session.
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