Though debt-hobbled Greece is struggling to formulate a pact with its private creditors to stave off a default of its obligations, the currency climbed to its highest value in almost three weeks of trading. The Aegean nation has been approved for two rounds of emergency bailout aid, serving as the emblem of harm caused by the sovereign debt crisis.
"It is uncertain what will happen with the restructuring of Greek debt, and after that there will be tough negotiations with the EU and the IMF about the next financing facility," currency strategist Niels Christensen with Nordea in Copenhagen told Reuters.
The upward drive of the embattled currency is certainly a welcome development considering the same monetary unit earlier this month scraped its lowest value since the middle of 2010. Increased danger awaits if Greece does end up defaulting on its obligations.
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