Despite official sources intimating otherwise earlier this week, the International Monetary Fund has spoken out and pledged that Greece is guaranteed the amount of aid it requires – so long as it continues to adhere to the guidelines of its economic reform.
Since June the 11th, and the government’s decision to close public broadcaster ERT at the loss of 2,600 jobs, the struggling nation has experienced more social and political tensions.
Meanwhile, unnamed sources have hinted that reluctance among Greece’s creditors to supply the country with the amount of financial aid previously agreed could leave it 2 billion Euros short.
However, yesterday the head of the Eurozone’s Finance Ministers Jeroen Dijsselbloem asserted that by July the IMF and other European assessors will have completed their latest review of Greece’s budget-cutting process, and if the nation is continuing to make appropriate progress it will receive the next instalment of its 130 billion Euro bailout.
Dijsselbloem commented: ‘We have discussed the state of play on the Greek program, also on financing, and we once again concluded that financing is guaranteed for another year. Further disbursements will be decided on the basis of the review to be finalised in July.’
Additionally one Washington-based IMF spokesman noted: ‘The priority remains for the Greek authorities to deliver on the programme quickly. If the review is completed by the end of July, as expected, no financing problems will arise because the programme is financed till end-July 2014.’
Although the EUR/USD pairing climbed slightly as the European session opened the Dollar continues to trade strongly as a result of Fed Chairman Ben Bernanke’s comments regarding reining in quantitative easing in the US.
Euro (EUR) Exchange Rates
As of 08:55 –
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3234 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8529 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4328 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.7026 <
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3729 >