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Daily Report: Euro Lower as Greece Loan Decision Delayed
Euro weakens as the week starts as the approval for the next tranche of EUR 12b of the EUR 110b of Greece bailout fund was delayed till July. While the approval is still widely expected as Eurozone leaders just simply won't let Greece default, they'd now like to see passing of the austerity measures first. Luxembourg Prime Minister Jean-Claude Juncker "forcefully reminded the Greek government that by the end of this month they have to see to it that we are all convinced that all the commitments they made are fulfilled". The fund is needed by Greece to rollover maturing debts to September so as to buy time for getting the second bailout from EU.
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