Currency Exchange UK

 

Euro Strengthens on Greece Plan

Euro Strengthens on Greece Plan

On Friday, the euro took strength against the pound and the US dollar after a bailout plan for Greece was finally agreed upon.  

Leaders of EU nations including France and Germany were finally united in the plan to help Greece, now estimated at €22 billion.

The process for reaching the agreement was by no means smooth and some nations less keen than others on handing out financial assistance to Greece.  However once the International Monetary Fund stepped in to add funds, the agreement could be finalised.

Meanwhile the pound will continue to struggle over the coming weeks, according to currency analysts.  After the Budget announcement on Wednesday investors took to more pound-selling. 

Generally the market was not satisfied with Chancellor Darling’s plans, which were not drastic enough on the deficit-cutting front, according to investors. 

By 9AM on Friday the euro had climbed to 90.26 pence against the pound – a far cry from Thursday’s low of 88.78 pence.