Euro rises on hopes debt deal for Greece can be found, avoid­ing de­fault

The China Post - - BUSINESS INDEX & -

The euro rose against other ma­jor cur­ren­cies on Mon­day as new re­form pro­pos­als by Greece fu­eled op­ti­mism that Athens may be able to clinch a bailout deal with its cred­i­tors and avoid de­fault­ing on its debt.

The sin­gle cur­rency climbed to US$1.1396 and 139.87 yen in Tokyo from US$1.1349 and 139.23 yen in New York late Fri­day. The Amer­i­can dol­lar fetched 122.73 yen against 122.69 yen in U.S. trade.

Eu­ro­zone lead­ers were set to hold an emer­gency meet­ing later Mon­day.

Athens put for­ward new pro­pos­als to its cred­i­tors ahead of the crunch sum­mit, of­fer­ing a ray of hope that a deal to end the coun­try’s debt cri­sis can be struck af­ter five months of dead­lock.

It is not clear what con­ces­sions have been of­fered by ei­ther side, but Greek premier Alexis Tsipras de­tailed what his of­fice called a “mu­tu­ally ben­e­fi­cial deal” in a phone call with Ger­man Chan­cel­lor An­gela Merkel, French Pres­i­dent Fran­cois Hol­lande and Euro­pean Com­mis­sion Pres­i­dent Jean-Claude Juncker.

Pres­sure is mount­ing to pre­vent Greece from de­fault­ing on its debt, with a June 30 pay­ment dead­line ap­proach­ing.

But Harui said the euro would drop only tem­po­rar­ily even if Greece de­faults and drops out of the com­mon cur­rency.

The U.S. dol­lar was lower against other Asia-Pa­cific cur­ren­cies.

It slipped to 1,098.70 South Korean won from 1,106.94 won on Fri­day, to 63.46 In­dian ru­pees from 63.79 ru­pees and to 45.00 Philip­pine pe­sos from 45.06 pe­sos.

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