euro dips in asian trade as greek exit looms
Last Updated : GMT 02:59:59
Arab Today, arab today
Arab Today, arab today

Euro dips in Asian trade as Greek exit looms

Arab Today, arab today

Arab Today, arab today Euro dips in Asian trade as Greek exit looms

The euro stood
Tokyo - AFP

The euro dipped in Asia on Monday after eurozone leaders set Greece a brutal ultimatum for a desperately needed bailout deal, as the cash-strapped nation's exit from the single currency loomed ever larger.

The common currency stood at $1.1129 after markets opened at 7:00 am (2200 GMT Sunday) in Tokyo, down from $1.1149 in New York late Friday.

In earlier electronic trading, the euro fell as low as $1.1089.

The unit was also weaker at 136.58 yen against 136.86 yen in US trade.

"Market reaction in the euro is surprisingly muted," said Steven Englander, global head of Group-of-10 currency strategy at Citigroup.

"The absence of agreement and toughness of terms are eye-catching, but investors are waiting for the outcome more than trying to anticipate it."

Hawkish Germany pushed for a Greek "time out" from the euro if leftist Prime Minister Alexis Tsipras fails to agree to tough take-it-or-leave-it terms for a three-year rescue plan worth up to 86 billion euros ($96 billion).

Greece said the plans were "very bad", but with its banks set to run dry in days it looked to have little choice but to bow to reform demands that effectively rob Athens of control of much its finances.

The dramatic weekend of backroom dealings in Brussels threatened to leave the European Union more divided than at any time in its 50-year history, and by a currency that was meant to bring it together.

"There will be no agreement at any price," German Chancellor Angela Merkel said as she arrived for the summit of 19 eurozone leaders, complaining of a loss of trust in Athens and warning of "tough negotiations" ahead.

Radical Greek leader Tsipras insisted Sunday a deal was possible "if all parties want it", adding that he was ready for an "honest compromise" on Greece's plans for tax cuts and pension reform.

Tsipras was elected in January vowing to end five years of austerity tied to two previous bailouts since 2010 that have left Greece with debt worth nearly 180 percent of its GDP, and he has since become a standard-bearer for leftist parties across the continent.

The tensions in Brussels were underscored when EU President Donald Tusk halted the summit midway for three-way talks between Tsipras, Merkel and French President Francois Hollande.

"What we can see is that the optimism with which markets were travelling into the weekend looks misplaced," Ray Attrill, co-head of forex strategy at National Australia Bank, said in a commentary early Monday.

The eurozone turned the screw after finance ministers finished two days of intense talks on Greece's reform proposals drawn up to satisfy its international creditors -- the EU, the European Central Bank and the International Monetary Fund.

The Greek parliament approved the plans on Saturday, despite them being similar to those rejected by Greeks in a controversial referendum on July 5.

-- Bloomberg News contributed to this report --

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

euro dips in asian trade as greek exit looms euro dips in asian trade as greek exit looms

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

euro dips in asian trade as greek exit looms euro dips in asian trade as greek exit looms

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday