May 31, 2011
The euro climbed to a three-week high against the dollar on Tuesday as fears receded over an imminent restructuring of Greek government debt.
The single currency advanced as reports suggested Germany might have relented in its efforts to push through a rescheduling of Athens’ debt in the short term.
This raised optimism that the EU and International Monetary Fund could announce a new loan for Greece, possibly at a meeting of finance ministers on June 20.
Germany has been engaged in a dispute with the European Central Bank over Greek government debt, with the ECB warning that any re-profiling for Greece could cause a systemic financial crisis throughout the eurozone.