13th February 2012
The European single currency has lifted in forex trading this morning (February 13th) following the announcement that the Greek government has committed to a new raft of more stringent austerity measures to help tackle the country's ongoing debt crisis.
Reuters reports the euro gained 0.8 per cent to $1.3275 by 09:04 GMT, with Greek ministers agreeing to explain how the new measures will help the country meet a €325 million hole in its debt repayment plans for 2012.
Paul Robson, currency strategist at RBS. "We will see a fair degree of two-way price movement in the euro until Wednesday when the finance ministers meet and we have to see whether what Greece has agreed to is sufficient enough for its creditors."
Should the deal be sufficient, this will unlock funds from the £130 billion euro rescue loan fund, set up to help beleaguered European nations keep their economies on an even keel.
Last week, ongoing delays in the ratification of this latest agreement led to the euro falling considerably against other major currencies, with the euro trading at $1.307 at this time last Monday.
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