Thursday, May 19, 2011

Investors Wary of Greek Debt Restructuring

The euro gained slightly in back-and-forth trading in early morning trading London. With weak growth news expected to dampen enthusiasm for the dollar, investors are turning to the euro but there is no question that recent talk of a restructuring of Greek debt has investors wary of large euro positions.

Comments from European Central Bank President Jean-Claude Trichet that the ECB would not accept Greek bonds as collateral if Greek debt payments are delayed as part of a restructuring plan.

“There is still a lot of noise from euro zone officials about how to go about finding a solution to the Greek debt problem,” said Sebastien Galy, currency strategist at Societe Generale.

Source: Reuters

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