Greece Remains on the Edge of Disaster

Euro lower in forex trading

Greece remains on the edge of disaster, ready to slip into default if eurozone leaders can’t come up with a solution to the current problem. German Chancellor Angela Merkel warned that the single currency remains in trouble, and that something needs to be done to prevent the world from slipping into another recession.

Concerns about Greece have been circulating for years now, as eurozone leaders have tried to shore up the ailing government, ready to collapse under its mountain of sovereign debt. Bondholders have agreed to writedowns, but it still hasn’t been enough.

Greek debt deal talks are still underway, and some think that the ECB will have to writedown some of its Greek debt, since the concession by private bondholders still aren’t enough to save Greece from default.

It’s not surprising that, with such news, the euro is lower in forex trading, moving back below the 1.30 mark against the US dollar. 

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