Greece Agreed New Austerity Measures

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Forex traders at eToro (your capital is at risk) and other trading platforms around the world saw renewed appetite for the euro today as Greece agreed new austerity measures to avoid defaulting on its debts, something that could spell disaster for the Greek economy. This latest agreement by the Greek Government will go a long way to securing the €28 billion EU/IMF bailout package, which is being voted on tomorrow.

The troubled Greek economy has been the primary reason for the euro’s recent poor performance across the world’s Forex markets, and the riots and protests by the people of Greece over the last 48 hours has done nothing to assist the fortunes of the euro. However, if a bailout package can be secured, the future of both Greece’s economy and the euro will look much brighter.

During Wednesday trading at eToro (your capital is at risk) the euro climbed to a two-week high of $1.4449 against the US dollar before settling at the $1.4426 mark, which is up by 0.4 per cent on the day. There could well be a further boost for the single European currency as it is widely believed that the European Central Bank will once again raise interest rates over the next few weeks, a move which would offer further strength for the euro.

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