16 Feb '12, 11pm

Euro gets late boost on hopes for Greek deal

NEW YORK: The euro reversed four days of losses and climbed back against the dollar in late trade Thursday helped by signs that Greece's complex new rescue package might be moving ahead. At 2200 GMT the euro was at $1.3132, up from $1.3065 late Wednesday after having sunk below $1.30 line earlier in the day. The euro got a boost from unconfirmed reports that the European Central Bank and individual country central banks are swapping their Greek bonds for new issues, taken as a sign that the complex deal to refinance Greece's government might be going through. According to the reports, profits from the swap will be passed on to European governments ostensibly to be used in the coming second rescue fund for Athens -- now expected to be decided on Monday. "There has been no confirmation by the ECB of this intention," noted Kathy Lien of currency specialists GFT. "The governme...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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