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Greece: Only Debt Framework Was Agreed Upon, Talks Still

Some details are emerging from the talks about a deal for Greece: apparently, there is no full deal, at least not yet. There is an agreement that Greece should reach a debt-to-GDP level of 124% until 2020. However, there are no details on how to do that.

A package of extra debt cutting measures in the size of no less than 20% of GDP is yet to be agreed upon. This is not good enough for EUR/USD, which crawls back under 1.30.

In addition:  EUR/USD Close to Long-Term Downtrend Resistance

Here is what Reuters reports:

It was not immediately clear how the debt would be reduced from its currently forecast level of 144 percent in 2020 to the target of 124 percent

EUR/USD is now falling back to 1.2985, after having already crossed the 1.30 line. Support is at 1.2960.  For more levels, events and analysis, see the  EUR/USD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.