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New Greek Bailout Deal Strengthens Euro

August 11, 2015 8:16 am Published by

Greece needs a new bailout agreement in place by August 20th if it is to remain in the Euro.

The country has a debt of EUR 3bn to repay to the European Central Bank which it is has so far defaulted on.

Talks of a new loan agreement have been in discussion all night between lenders and so far, it’s looking likely that Greece will receive a new three year GBP 60bn cash injection which would pay off the ECB and put the struggling country in a much more positive position.

Once a deal has been finalised, approx. EUR 10bn will be spent to ensure normal banking operations can resume.

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Politicians in Athens have said they expect the new agreement to be approved by Thursday, enabling the EU finance ministers to set out the parameters of the deal on Friday.

With a lot of trust lost in recent months, some state members are concerned the loan figure is too high and could once again spell trouble for the country.

The value of the Euro has, on average, weakened over the course of the year – especially against the British Pound as shown by our Currency Charts.

With positive news on the horizon, how soon do you think the value of the Euro will start to improve?

 

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This post was written by Kayleigh Driscoll

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