New figures released this morning have shown that there is growing support for the pro-austerity party in Greece which has given Euro exchange rates a boost. Recently there has been a lot of talk about the left wing, anti-austerity party in Greece winning at the election on the 17th June which could result in the country leaving the Eurozone and moving back to the Drachma so this news today that a pro-austerity party could win the election has brought some confidence to the single currency economy. However, I still believe that the Greek people will favour anti-austerity as they have had to put up with a lot of tax hikes, job losses and cuts in spending so voting for a party that will stop this and push for growth could be an attractive proposition.
Greece are not the only European country making the headlines at the moment, the Spanish banking crisis looks set to continue with Spain’s Bankia’s shares falling 27% following their €19 billion bailout on Friday. With the Greece elections, France’s new political party and Spain’s banking issues the Eurozone could remain under pressure for the foreseable future meaning for those clients looking to buy Euros their could be some excellent opportunities.
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