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Pound Dragged Lower as EURGBP Spikes on Greek Bailout Chatter

Pound Dragged Lower as EURGBP Spikes on Greek Bailout Chatter

2010-02-28 23:17:00
Ilya Spivak, Sr. Currency Strategist
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The Euro surged against the British Pound in early trading, sending the UK unit sharply lower against most major currencies as the markets digested emerging details of a German-led bailout of the debt-ridden Greek economy. The Wall Street Journal features a story saying German and French officials are hashing out a plan to offer as much as 30 billion euros in aid, likely via the sale of Greek government debt to state-owned banks in the Euro Zone’s top-two economies. This reinforces a story that emerged from Bloomberg News late Friday that cited an anonymous source claiming that German state-owned bank KfW Group to buy up to 25 billion euros in Greek bonds to stave off a default should the troubled southern European country fail to set its own house in order. The Financial Times offered a bit more detail, saying a plan whereby the Berlin administration would offer guarantees on purchases of Greek bonds by major German banks started to take shape after a meeting between Deutsche Bank CEO Josef Ackermann and Greek Prime Minister George Papandreou.


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