Euro firms as Greek hopes prompt short squeeze

The euro traded at a near three-week high against the dollar on Monday as a squeeze on short positions added to last week's momentum, signaling that markets had become cautiously optimistic that Greece can cut a deal on a key debt swap.

Euro zone finance ministers will decide on Monday what terms of a Greek debt restructuring they are ready to accept as part of a second bailout package for Athens after negotiators for private creditors said they could not improve their offer.

But analysts cautioned that, while a deal for debt-laden Greece could ease fears that the country might experience a disorderly default, the region's credit crisis was far from resolved and the euro would remain vulnerable.

Read Full Article from Reuters

- Posted: 2012-01-23 09:26:05

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