Apr 3
Related Slipping Euro Bailout Delay Greece Until July
Monday, 20 June 2011 05:29

euro1.Euro weakened 0.1% to $ 1.4288 and fell for a fourth day against the yen at 11:19 am in Tokyo.

The euro zone finance ministers pledged whether Greece will get 12 billion euros in July, they were encouraged to budget cuts by Prime Minister George Papandreou, whose government faces protests savings.

"They (the Greeks) have started to implement austerity measures but the more difficult considering the social unrest and political instability they face," said Nick Maroutsos, a portfolio manager and founder of Capital Kapstream.

The euro weakened against 11 of the 16 currencies most actively traded and fell 0.1% to 114.35 yen. Papandreou kicked off three days of debate yesterday when he attempted to secure parliamentary approval of a package of 78 billion euros ($ 111 billion) of budget cuts.

Meanwhile, the euro zone finance ministers will decide on a new financing strategy for Greece in early July. (