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Euro rallies after ministers agree Greece bailout terms

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Richard Wray and Graeme Wearden
London Guardian
April 12, 2010

The euro rallied this morning after the eurozone’s finance ministers agreed the terms of a €30bn (£26bn) bailout fund for Greece, ahead of a crunch week for the heavily indebted nation.

The European single-currency unit jumped about 1% in early trading to $1.3691 against the US dollar, its highest level in nearly four weeks. It also gained 1% against the Japanese yen and reached nearly 88.5p against the pound, as it clawed back some of its recent losses during the Greek crisis.

The relief spread to global stock markets, which hit an 18-month high. In London, the FTSE 100 broke through the 5800-mark for the first time since June 2008. Financial stocks surged in Athens, with shares in National Bank of Greece jumping by more than 10%.

The rally came after finance ministers from the 16 countries settled the details of exactly how they would lend money to the debt-ridden country, and the mechanism for making the cash available. The deal was agreed during an emergency telephone conference organised last night by officials from Spain, which holds the EU presidency.

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This article was posted: Monday, April 12, 2010 at 9:28 am

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