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- American focus: euro rose
American focus: euro rose
The euro rose against most of its major counterparts after Greece won a second international bailout and the Greek finance minister said a formal offer for a debt swap will be made by the end of this week. Euro-area finance ministers awarded 130 billion euros ($173 billion) in aid to Greece and reached an accord for greater debt relief from investor representatives in an exchange offer to tide the nation past a bond redemption next month. The euro strengthened after news Greece’s government will introduce legislation to Parliament today that will allow it to enforce losses on bondholders in a writedown of Greek debt, part of a second financing package for the country known as private- sector involvement, or PSI, a government official said.
The yen fell for a fourth day versus the dollar, the longest losing streak in more than two months, as investors sold the Japanese currency to buy higher-yielding assets.
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