The euro was higher Monday, as markets anticipated easing of the Greek crisis at an emergency meeting in Brussels Monday.
As Bloomberg has reported, Greek Prime Minister Alexis Tsipras drafted a fresh plan to prevent default.
The new offer “was a good basis for progress at tomorrow’s Euro summit,” European Commission spokesman Martin Selmayr, said in a Twitter posting. He also referred in German to the inception of the plan as “birth by forceps.”
Before the start of the meeting, Tsipras will see officials of Greece's main creditors, in particular, he will meet with European Council head Donald Tusk before they’re joined by European Central Bank President Mario Draghi, International Monetary Fund Managing Director Christine Lagarde, EU Commission President Jean-Claude Juncker and Eurogroup head Jeroen Dijsselbloem, an e-mailed statement from the Greek prime minister’s office said.
The euro was higher with EUR/USD last ata1.1395 adding 0.37%.
Last week, the eurozone officials decided to hold a meeting on Monday as, so far, there has been no progress in preventing the country from bankruptcy.
Unless Greece can reach some sort of an agreement soon, it may not be
able to meet its 1.6 billion euro ($1.81 billion) payment to the
International Monetary Fund by June 30, a week from today.
Jeroen Dijsselbloem, who chairs the so-called Eurogroup of finance ministers commented that “Too little progress has been made between the institutions and Greece and I regret to say that no agreement is yet in sight.”
Investors will also await fresh data from the eurozone which is to report on private sector growth on Tuesday, while the week will also bring what will be closely watched reports on the U.S. factory and housing sectors.
