Euro loses value as doubts emerge about Greek debt deal

Posted On: November 28, 2012
The shared currency of the European Union slipped in value on Wednesday against the U.S. dollar as doubts for Monday night's Greek debt deal escalated, according to Reuters.

The embattled monetary unit also lost value against the Japanese yen as the likelihood of the Bank of Japan implementing additional monetary easing policies slimmed. But investors are growing increasingly doubtful about prospects of success of the pact finalized this past Monday evening in Brussels by euro zone finance ministers for Greece, the two-time recipient of bailout aid as a salve against damages caused by the sovereign debt crisis.

The deal regarding the Aegean nation "is a passing of the event risk so it is people taking profits on the move higher," currency strategist Saeed Amen with Nomura told the news source.

Finance ministers from the 17 euro zone nations convened this past Monday evening for the third time in three weeks and after roughly 12 hours of meetings they agreed on a new debt target for the country.

Bloomberg reports a court is set to issue a decision on Thursday regarding whether the central bank of Europe should release files about how the Aegean nation used derivatives to conceal its financial obligations.

Category: Industry News

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