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Euro picks up on after Greek safety deal news

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Euro picks up on after Greek safety deal news


Markets have so far given a thumbs up to the deal by eurozone leaders in Brussels to protect debt-laden Greece.

The euro saw slight gains against the dollar and pound after a torrid few weeks.

Even though big long-term doubts remain about the eurozone/IMF safety plan, some believe Athens will be pleased about the package.

Analyst Platon Monokroussos from EFG Eurobank said: “I think its a very good deal for Greece, and for the domestic banking sector in particular, as it provides a safety net for the country, minimises the risk of default, and ultimately will assist the real economy by facilitating a faster pace of credit expansion.”

Despite concerns lingering about the potential 20 billion euro rescue plan’s solidity, for the moment it appears to have calmed fears that the eurozones other heavily indebted economies could also become vulnerable.

Fidel Helmer from Hauck & Aufhäuser said: “The markets are reacting very positively. It’s a solution we can live with, both from a political perspective as well as from an economic viewpoint.”

Interest payments on Greece’s debt have also fell slightly, with investors seeing it less of a default risk. Before yesterday’s deal was struck the euro fell to a 10 month low.

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