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Euro buoyed by stops, hopes for Greek debt swap deal
The euro extended gains against the dollar on Friday, helped by media reports saying that a Greek debt swap deal may be close, as well as stop-loss buying, traders said. The euro rose 0.4 percent to $1.2870, pulling away from a 16-month low near $1.2662 hit earlier in the week. A deal with private creditors to voluntarily write down at least half the value of their Greek sovereign bonds has a good chance of happening in the coming days, the chief executive of French bank Societe Generale told newspaper Les Echos. Banks have made an "exceptional" effort and the final losses may go above the initially agreed 50 ... (full story)
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