Last night Eurozone finance ministers announced that they have made requests for Greece to get €130 billion in bailout funds which is required to prevent Greece defaulting and potentially leaving the Eurozone. Before this is finalised the Greek parliment would have to approve the terms of a number of cuts and other austerity measures with both the International Monetary Fund (IMF) and the European Union (EU). Greece have until Wednesday to find a further €325 million in budget cuts which could mean a reduction in the minimum wage, more job cuts and a reform of pensions all of which has led to 48 hour strike which is due to begin today. It is not unsuprising that following these cuts (which are not the first the country has experienced) that the Greek public is unhappy and these strikes place more pressure on the government and despite the bailout funds likely to prevent Greece from a default their economic crisis is still far from over. So, if you need to buy Euros then speak to one of our currency brokers today so they can discuss the current rates and the market outlook with you in detail and discuss the options available to you.
In other Euro news we have heard this morning that German inflation is still over target at 2.1% with rising energy prices attributed to the current level. Despite the figures not reaching the target of below 2% it is still an improvement on previous months and is seen as quite good news for the whole EU economy. So, with the Greek debt issue momentarily showing some signs of stability and the German economy showing steady inflation levels confidence may start to return to the single currency economy.