The 17-nation shared currency pushed up in value on Thursday as talk grew louder to remove debt-troubled Greece from the European Union, according to Reuters.
Doubts about whether the referendum suggested and endorsed earlier this week by Greek Prime Minister George Papandreou and the cabinet, respectively, is possible to administer fueled displeasure with the Aegean nation, which is now waiting on its second bailout in 17 months. Papandreou called for the bailout earlier in the week and the Greek cabinet supported the measure the next day.
The call for a referendum came five days after German Chancellor Angela Merkel and French President Nicolas Sarkozy announced completion of the European Financial Stability Facility, which was designed for the express purpose of aiding nations such as Greece that are suffering from the debt scourge.
"Merkel, Sarkozy and Papandreou are playing something akin to a game of poker, where they keep raising the stakes." currency strategist Jeremy Stretch with CIBC told Reuters.
The tumult comes as leaders of the world's 20 most industrialized nations prepare to convene on the Southeast France city Cannes for two days of meetings with the Group of 20, according to The New York Times. Pressure was being turned up on Papandreou to comply with the EFSF as global markets hang in the balance.
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