News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Euro Reaction Mute as Diplomat Signals Greek Bailout Talks Stalling

Euro Reaction Mute as Diplomat Signals Greek Bailout Talks Stalling

Eric Andersen,

THE TAKEAWAY: Diplomat Hints Greek Bailout Deal Still Elusive at Eurozone FinMin Summit > Markets Noncommittal Until Clear Outcome Emerges > EURUSD Price Action Muted

Euro_Reaction_Mute_as_Diplomat_Signals_Greek_Bailout_Talks_Stalling_body_Picture_5.png, Euro Reaction Mute as Diplomat Signals Greek Bailout Talks Stalling

The Euro moved sideways early Tuesday morning as a meeting of European finance ministers to determine the fate of a second Greek bailout dragged on beyond Monday evening into the following morning. A European diplomat spoke in Brussels as Eurozone officials continued discussing details of the bailout. The diplomat cited “good prospects” for the meeting’s outcome but did not provide much information regarding a resolution markets had eagerly awaited Monday.

Saying that additional talks are necessary to reach an agreement, the diplomat noted that a majority of ministers at the sit-down are pushing for increased private sector involvement (PSI). In other words, most of the currency bloc’s member states are pushing the Institute of International Finance (IIF), which argues on behalf of bondholders, to accept greater losses on Greek debt held by private creditors.

Investors have been highly anticipating a conclusion to talks on Monday that sought to finalize details regarding a second bailout package for Greece. Two major points of contention have stalled talks: the magnitude of losses to be taken by creditors as part of a bond swap meant to reduce Greece’s debt burden as well as concerns regarding the implementation of additional austerity measures, where Athens has conspicuously fallen short before.

The diplomat did not provide a timeline for when markets can expect the meeting to conclude. For now, markets remain in the dark, leaving the Euro without a clear directional bearing as traders shy away from committing to a directional bias until definitive results emerge.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.