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Week Ahead: Euro's Fate Tied To ECB Loan Operation
The outcome of the European Central Bank's discount loan program next Wednesday will likely determine whether the euro can build on this week's gains. The common currency hit a three-month high against the dollar Friday, trading at $1.3487 after Greece's approval of a debt-bolstering bond swap and successful Italian bond auctions. The ECB's first long-term refinancing operation in December, where banks borrowed EUR489 billion at discount rates, is widely credited with stabilizing financial markets. That bought time for Greece and its creditors to agree on a plan to restructure the country's debt, which boosted the ... (full story)
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