Euro drops as Europe slaps Greece with debt ultimatum

The euro fell yesterday after Europe slapped Greece with a deadline to submit fresh bailout reform proposals or face a eurozone exit, while a Chinese stock market rout also spooked traders, sending them into the yen, reports AFP from Tokyo.
In Tokyo, the common currency weakened to $1.0986 and 134.16 yen from $1.1007 and 134.89 yen in New York.
The dollar slipped to 122.12 yen against 122.55 yen, as investors ran to the Japanese unit, which is seen as a safe bet in times of uncertainty and turmoil.
“Greece is what’s right in front of us, and personally I put the odds of a euro exit at 50:50,” said Masato Yanagiya, head of foreign exchange Sumitomo Mitsui Banking Corp.
In the first step of its renewed bid for funding, Athens must submit detailed reform plans by Thursday, EU President Donald Tusk said after eurozone leaders held an emergency summit with Greek Prime Minister Alexis Tsipras. All 28 European Union leaders will then examine the plans on Sunday in a make-or-break summit that will either save Greece’s moribund economy or leave it to its fate.

Euro drops as Europe slaps Greece with debt ultimatum

The euro fell yesterday after Europe slapped Greece with a deadline to submit fresh bailout reform proposals or face a eurozone exit, while a Chinese stock market rout also spooked traders, sending them into the yen, reports AFP from Tokyo. In Tokyo, the common currency weakened to $1.0986 and 134.16 yen from $1.1007 and 134.89 yen in New York. The dollar slipped to 122.12 yen against 122.55 yen, as investors ran to the Japanese unit, which is seen as a safe bet in times of uncertainty and turmoil. Greece is whats right in front of us, and personally I put the odds of a euro exit at 50:50, said Masato Yanagiya, head of foreign exchange Sumitomo Mitsui Banking Corp. In the first step of its renewed bid for funding, Athens must submit detailed reform plans by Thursday, EU President Donald Tusk said after eurozone leaders held an emergency summit with Greek Prime Minister Alexis Tsipras. All 28 European Union leaders will then examine the plans on Sunday in a make-or-break summit that will either save Greeces moribund economy or leave it to its fate.