Following two days of European summits we have yet another day of meeting as the EU leaders push to find a solution to the Greek debt issue. The debt laden country is due approximately €31bn in bailout funds however the country has failed to put in place the necessary austerity measures following unrest from the Greek public. The bailout funds were meant to be received by Greece in May but due to the lack of austerity measures the country has been surviving on emergency loans which is not helping the countries ever increasing debt levels. Should the meeting today find a resolution as to how to reduce the spiralling debt levels and help Greece get back in the black which is then agreed to by all the EU nations we could see some Euro strength. So, if you need to buy Euros today could be a key day so stay in touch with your personal currency broker here at Foreign Currency Direct plc so they can keep you informed of the latest developments.
In the UK we have heard news that the country could face austerity measures until 2018 as we continue to struggles to develop economic growth. According to the Institute for Fiscal Studies the UK will need to find another £11bn from tax hikes or spending cuts if the economy continues on the current course. On the 5th December the Chancellor George Osborne will deliver his Autumn statement which could give us an insight into how the government see the economies performance and what they predict for the future. It may also give us an idea as to whether there will be more tax increases or spending cuts which as we have seen before could see Sterling weaken as a result.
If you need to send money abroad and you are looking for the best exchange rates make sure you speak to one of our experienced currency brokers here at Foreign Currency Direct so they can discuss your currency requirements and all the options available to you so you can make an informed decision as to when to trade. You can call straight through to the dealing floor for free on 0800 328 5884 or if calling from abroad on 0044 1494 725353 or email me directly on firstname.lastname@example.org