Arab Today, arab today euro dips in asian trade as greek exit looms
Last Updated : GMT 04:30:15
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 --

 

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*

Arab Today, arab today euro dips in asian trade as greek exit looms Arab Today, arab today euro dips in asian trade as greek exit looms

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
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