Greece Has Finally Officially Requested Assistance
Greece Has Finally Officially Requested Assistance from the European Union and the International Monetary Fund to help them recover from their escalating debt crisis. This request will make big waves for euro currency pairs at Forex markets across the globe while you and I will see the effects at online Forex brokers such as AVAFX.
Greece’s request for help to repay it enormous fiscal debts comes just one day after revised figures showed that Greece’s budget deficit was actually 13.6% last year, much higher than previously estimated and was enough to make the struggling state as for assistance from the European Union and the International Monetary Fund, the international organization that oversees the global financial system.
Last month an agreement was reached between the European Union and the International Monetary Fund to raise money for a rescue plan for Greece but a lack of detail in the rescue plan left many investors unconvinced that the eurozone would fully support Greece and the euro continued to fall.
A second rescue plan has been proposed which involves a €30 billion rescue plan but this has still left investors doubting and the cost of Greece’s borrowing still rising. This has seen the euro fall even further at AVAFX and other online retail Forex brokers.
The coming week will doubtlessly see the euro struggle again as practically all confidence in Greece’s ability to repay its debts has gone. You can trade euro currency pairs at AVAFX with some of the tightest spreads around. Visit www.avafx.com to start trading Forex at one of the internet’s leading online Forex brokers.
