The inability of Greece to find a solution with its private creditors on the issue with the country’s debt continues to pull euro downwards. Single fell against the dollar for a third day and is now away on the top 1.50% of that record on Friday. During the Asian trading session today, the euro extended losses that approached the pair EUR / USD to the psychological value of 1.30. Despite the increased pressure on European leaders over Greece, the country can not find common language with its creditors for a second week. We recall that Athens must convince his counterparts in the eurozone and the International Monetary Fund to relax its package of 130 billion EUR. Rescue cash injection against our southern neighbor will have to introduce a number of budget cuts and to implement a series of reforms. Among the main anti-crisis measures are reducing defense spending, health care and implementation of a major pension reform. The Greek authorities stressed that they would do everything possible to get a loan to avoid bankruptcy, but there is no formal agreement. The economic news from across the ocean to be missed expectations and pushed the major stock indexes on Wall Street in negative territory. Decreased appetite for equities and risky assets work in favor of the dollar because of currency as a refuge.
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