The euro is rising modestly against major currencies after German Chancellor Angela Merkel rejected the idea of a hasty bankruptcy by Greece.
Merkel said Monday that Europe should help Greece regain its financial footing. She rejected suggestions that Greece should seek court protection from its creditors. That would allow Greece to not repay some debts, but it would also threaten European banks that own billions in Greek debt. Merkel's comments made a default by Greece appear less likely.
At 11:26 a.m. Eastern time, the euro rose to $1.3662 from $1.3585 late Monday. It also rose against the yen.
The euro hit a seven-month low against the dollar on Monday.
AP
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5