Germany and France pledge to save Euro

Germany and France pledge to save Euro

Germany and France pledge to save Euro

Euro gains following a pledge by Germany and France to do what is necessary to shore up banks, settle the Greek crisis and help growth in Europe. Euro touched a session high of $1.3580.

Two euro zone banks obtain support. Dexia’s board earlier today accepted a rescue plan drawn up by the governments of France, Belgium, and Luxembourg, and approved participation in funding guarantee mechanism for maximum euro 90 billion. Belgian government will buy the Belgian banking business of Dexia for euro 4 billion. In Greece, the pre-agreed rescue fund was used to rescue Proton Bank, sending bank Greek bank stocks down by 12 pct.

EURCHF rises on positive euro sentiment and rumors that the Swiss National Bank may lift the target rate for the EURCHF to 1.25.


 

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