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Greek economy unable to meet revenue targets

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The common currency had a surprising trading week.

It was able to shake off all the known (and worsening) troubles that plague it until Friday, where it peaked to nearly 1.4350, up nearly three full figures for the week. However, the unrelenting stream of bad weeks regarding the Greek situation took its toll that day.

Currency Pair Currency Description Currency Rate
AUD currency payments to EUR AUSTRALIAN DOLLAR - EURO 0.7526
AUDGBP AUSTRALIAN DOLLAR - STERLING POUND 0.6532
AUDUSD AUSTRALIAN DOLLAR - US DOLLAR 1.0549
CADUSD CANADIAN DOLLAR - US DOLLAR 1.0220
EURGBP EURO - STERLING POUND 0.8679
EURMUR EURO - MAURITIUS RUPEE 37.7400
EURUSD EURO - US DOLLAR 1.4013
EURZAR EURO - SOUTH AFRICAN RAND 9.7915
GBPAED STERLING POUND - UAE DIRHAM 5.9457
GBPAUD STERLING POUND - AUSTRALIAN DOLLAR 1.5294
GBPBGN STERLING POUND - BULGARIAN LEV 2.2522
GBPCAD STERLING POUND - CANADIAN DOLLAR 1.5789
GBPCHF STERLING POUND - SWISS FRANC 1.4237
GBPCZK STERLING POUND - CZECH KORUNA 28.2530
GBPDKK STERLING POUND - DANISH KRONE 8.5894
GBPEUR STERLING POUND - EURO 1.1517
GBPHKD STERLING POUND - HONG KONG DOLLAR 12.5510
GBPHUF STERLING POUND - HUNGARY FORINT 312.0000
GBPILS STERLING POUND - NEW ISRAELI SHEKEL 5.6898
GBPINR STERLING POUND - INDIAN RUPEE 73.1230
GBPJPY STERLING POUND - JAPANESE YEN 131.4000
GBPKWD STERLING POUND - KUWAITI DINAR 0.4454
GBPMAD STERLING POUND - MOROCCAN DIRHAM 12.6610
GBPMUR STERLING POUND - MAURITIUS RUPEE 43.4890
GBPNOK STERLING POUND - NORWEGIAN KRONE 9.0281
GBPNZD STERLING POUND - NEW ZEALAND DOLLAR 2.0461
GBPOMR STERLING POUND - OMANI RIAL 0.6201
GBPPLN STERLING POUND - POLISH ZLOTY 4.5457
GBPRON STERLING POUND - ROMANIAN NEW LEI 4.7531
GBPSAR STERLING POUND - SAUDI ARABIA RIYAL 6.0496
GBPSEK STERLING POUND - SWEDISH KRONA 10.2799
GBPSGD STERLING POUND - SINGAPORE DOLLAR 2.0123
GBPSKK STERLING POUND - SLOVAK KORUNA 36.8730
GBPTHB STERLING POUND - THAI BAHT 49.0140
GBPTRY STERLING POUND - TURKISH NEW LIRA 2.5965
GBPUSD STERLING POUND - US DOLLAR 1.6145
GBPZAR STERLING POUND - SOUTH AFRICAN RAND 11.2724
USDMUR US DOLLAR - MAURITIUS RUPEE 26.9260

A year after it was launched, the Greek bailout has proven a failure. The Greek economy is in free fall, its Government is unable to meet revenue targets, and still its bonds trade at much lower levels than before to the bailout, discounting a default as a near certainty. Worst of all, perhaps, is the deepening sense of disarray among the European leadership. ECB officials stubbornly cling to the notion that default can and must be avoided, and Trichet actually stormed out of a high level meeting in protest that a Greek restructuring was being discussed.

European political leaders are increasingly unwilling to continue indefinitely bailing out private Greek creditors at par, but are apparently at a loss as to how to deal with the ECB threat to bring down the Greek banking system if the debt is restructured. Meanwhile, peripheral spreads continue to widen. Given this, it is actually surprising that the euro managed to close the week more or less unchanged, in spite of Friday’s dramatic sell off.

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