Euro claws back some losses
At the G8 summit this weekend, Greece’s political and economic upheaval, together with the growing instability in Spain and Italy, were high on the agenda as leaders sought to calm the situation. World leaders backed keeping Greece in the euro-zone and vowed to take all steps necessary to combat financial turmoil while revitalising a global economy increasingly threatened by Europe’s debt crisis.
The Greek parliament was dissolved over the weekend paving the way for a fresh election on 17 June. Party leaders failed to form a cross-party coalition after recent elections denied an outright majority in parliament for Greece’s two establishment parties, which have been seeking to implement austerity policies. Five other parties that campaigned against the austerity program won more than 60% of the vote.
The Euro bounced back from its recent lows as investors’ fears regarding the Greek political crisis began to subside, climbing back over 1 cent against the USD since Friday morning trading, and over 80 ticks against Sterling.
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