The euro EURUSD -0.15% climbed to trade at $1.4436, up from $1.4230 in late North American trading on Wednesday. At its lows of the day, it touched $1.4137.
The currency extended gains in afternoon trading, moving above $1.44, after EU leaders said they agreed to a new program for Greece that would also involve the support of 30 international financial institutions
“We agree to support a new program for Greece and, together with the IMF and the voluntary contribution of the private sector, to fully cover the financing gap,” said the European Union heads of state in a joint statement following a summit in Brussels. Read details on the new package for Greece
The deal would entail 109 billion euros, or $156.7 billion, in official assistance and another 50 billion euros in a bond exchange and debt buyback program with the private sector. As part of the agreement, maturity on future loans to Greece from the euro zone’s bailout fund will be extended from 7.5 years to up to 30 years while funds will be loaned at 3.5%. Read more on private support for Greece
“We call for a comprehensive strategy for growth and investment in Greece,” the leaders said, adding that the E.U. will “relaunch the Greek economy.”
Market Watch
More:
http://www.marketwatch.com/story/dollar-slips-vs-euro-on-greek-deal-report-2011-07-20?siteid=rss&rss=1
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