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Concerns about Greece hurt the euro

EUR/USD fell to 1.0970. The single currency is under pressure because of the concerns about Greece.

The Greek interior minister, Nikos Voutsis, said on Sunday that Athens cannot make a 300 million euros ($330 million) debt repayment to the International Monetary Fund on June 5 unless it manages to reach a deal with its lenders.

All in all, Greece has to pay 1.56 billion euros ($1.72 billion) next month. The nation hasn’t received bailout aid since August and the European Central Bank has provided less help lately to Greek banks.

In the meantime, the ruling Radical Left Coalition Syriza narrowly rejected a call by party hardliners to miss its next International Monetary Fund loan payment. However, the party instead approved a text which claims the government will not sign a deal based on previous bailout agreements and rejects “ultimatums” by “the austerity fanatics.” Still, Syriza believes that a compromise with creditors is possible.

 

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