Euro Exchange Rate News

One Step Forward, Two Steps Back – No sign of significant progress in Greece.

Syriza, the Radical Left Coalition main Opposition Party, has reiterated it’s accusations that new Greek Prime Minister Antonis Samaras, and his coalition government, intend to backtrack on the promises they made to the nation pre-election. Samaras had promised that they would enter into negotiations regarding the reassessment of the terms of the Greek bailout loans, but significantly chose to put off presenting the government policy statement until after his meeting with the EU-IMF troika. Such a decision has enabled Syriza to stress that the government’s intentions and priorities have been clearly indicated and are not what the Greek populace were led to believe they would be.

All three parties in the coalition had pledged to renegotiate the terms of the Memorandum, which included cutting public investment programmes, the selling off of public wealth, continuing reductions in public spending, pension and wage cuts, and privatisation. However, Syriza reports that the coalition is going against the anti-austerity message which dominated the elections. The opposition insist that all signs indicate that the government will in fact adhere to the commitments outlined in the Memorandum which have caused so much distress in Greece.

Syriza has argued that ‘The only prospect for the Greek economy’s recovery [is] the overthrow of destructive memorandum policies and a new strategic plan to support growth, employment and a productive restructuring of the economy’.

Panagiotis Kouroublis, Syriza’s Parlimentary representative, released several separate statements yesterday in which he reacted to considerations voiced by British PM David Cameron concerning the possible Greek exit from the Eurozone, and consequent plans to close British boarders to Greek nationals if the hotly debated event transpires.

Kouroublis, after asserting that such statements were unacceptable and must be refuted, revised or completely retracted, went on to state that: ‘Given that the United Kingdom hosts within its territory the base of the speculative banking system that is at the centre of the creation of problems that European countries and especially Greece, are catastrophically experiencing, he has an obligation to carry out corrective actions in the interior of his own country before he proceeds with the utterance, with admittedly unrivalled ease, of statements that undermine European bonds.’

 

The Greek governments response to Syriza’s assertions was brief and rather ambiguous. Government spokesman Simos Kedikoglou merely said that: “this government with a mandate by the people has chosen our stay in Europe and the euro. Syriza (the Radical Left Coalition) and the interests of the drachma can wait until the next elections.”

 

The Pound to Euro exchange rate is currently trading at 1.255

The Pound to US Dollar exchange rate is currently trading at 1.553

The Euro to Australian Dollar exchange rate is currently trading at 1.206

The Euro to US Dollar exchange rate is currently trading at 1.237

The Euro to Pound exchange rate is currently trading at 0.796

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