Euro little changed as Eurogroup reaches agreement on support for Greece
Euro area finance ministers last night confirmed that agreement has been reached on the provision of financial aid to Greece should such support prove necessary. Precise details of the support mechanism haven’t yet emerged but it looks as if it would take the form of each member state of the euro area contributing by making bilateral loans to Greece, possibly routed via the European Commission. In terms of the currency markets, there has been little discernible impact on the euro. Indeed, Eur/USD is a touch lower on net over the past 24 hours, though this owes more to a generally stronger dollar than any particular broad-based changes in the euro’s value.
