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Posted June 21st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 21st June 2011

EURO/GBP - 1.1307

Sterling slipped against the US dollar as investor sentiment plunged as European governments failed to agree on releasing a loan payment to Greece. However, sterling did recover later in the day after comments from a top euro zone policy maker helped calm immediate fears over stability in the region. Financial markets were very nervous on Monday morning, with many market participants heading back to their desks to a number of downbeat reports over Greece – including one from Mayor Boris Johnson, who suggested in The Telegraph that the best thing would be for Greece to leave the euro. However, the panic has calmed to an extent, and focus in the UK shifts to public borrowing figures – released later today.

In the euro zone, it was a roller coaster day yesterday. News came through in the morning that euro zone finance ministers had delayed a decision on paying €12 billion worth of emergency loans to Greece, stating that Athens would first have to introduce austerity measures. The issue is that the Greek public do not seem to want the austerity measures. If the funds are not paid, Greece will default on a key repayment in mid-July. The next key test is for the Prime Minister George Papandreou, who faces a vote of confidence today in Parliament. If he loses this, the chances of the tough austerity measures being passed are slim. We are likely to continue to see significant euro volatility, so call in now for a live exchange rate. 

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