Pound to euro exchange rate: Euro SLIDES against sterling over Greek bailout talks
THE EURO to pound exchange rate has weakened after EU officials criticised the IMF over the Greek bailout.
The euro fell as Britain’s sterling advanced yesterday amid the ongoing debate over Greece
The euro fell as Britain’s sterling advanced yesterday amid the ongoing debate over Greece.
Sterling is currently buying at €1.19 and $1.27 as it strengthens its bounce back from post-Brexit lows.
The International Monetary Fund (IMF) weighed into the debt crisis in Greece in a blog post late Monday, titled ‘The IMF is Not Asking Greece for More Austerity’.
It argued: “If Greece agrees with its European partners on ambitious fiscal targets, don’t criticise the IMF … when we ask to see the measures required to make such targets credible."
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But Greek officials have since hit back at the comments and EU officials backed them up.
Greek’s Finance Minister Euclid Tsakalotos accused the IMF of ‘economising on the truth’.
European Stability Mechanism (ESM) officials said the IMF comments were surprising.
The incident saw confidence in the euro slide, but sterling has noted a positive effect.
UK’s currency remains volatile to the impending outcome of the US Federal Reserve.
The two-day meeting will finish tonight and the overwhelming expectation is that America will hike its interest rates.
It’s not the only meeting this week that’s set to influence the value of the pound.
The Bank of England will meet tomorrow to make a decision on rates.
But it’s been a solid month for the pound against both the euro and US dollar.
Last week it soared to two-month highs against USD.
Sterling also soared to its highest levels since July after the Italian referendum.
