Euro weakens as Greece delays austerity acceptance

6 February, 2012


The Euro has weakened today, giving better rates for sending Euros, as Greek ministers delayed approval of austerity measures which are a pre-requisite for the new bailout deal. Chancellor Merkel is said to be losing patience with the Greek government, which needs the bailout in order to re-finance its debt in March. Without accepting the tough austerity measures, there will be no bailout – so the Euro has reacted to the latest delay by losing value. “We want Greece to stay in the euro,” said Merkel. “I want to make clear once again that there can be no deal if the troika proposals are not implemented. They are on the table … Something needs to happen quickly.” If Greece does not accept the bailout, it is likely to default on its debts and would probably then have to leave the Euro.