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News In Brief

Euro slides, Greek bond yields soar

Daryl Paranada Apr 6, 2010

The euro weakened to its lowest level since March 26 and Greek government yields on 10-year bonds soared to 7.1% on worries over Greece’s debt. The slide may be attributed in part to reports that Greece is looking to avoid the International Monetary Fund’s help in any bailout.

Eurozone leaders were said to have reached a deal on helping Greece a little over a week ago, as Stephen Beard reported:

[The deal is] a mechanism for helping Greece if it finds it can’t borrow any more money from the markets. Under the deal… the 15 other eurozone countries would offer loans to Greece. And crucially, the International Monetary Fund would step in as well and lend emergency funds to the Greeks.

This Reuters article quotes a senior Greek ministry official as rejecting claims the nation is seeking to renegotiate its agreement.

“There is a deal on the support mechanism and we are sticking to it.”

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