Axel Weber, former chief of the Bundesbank of Germany and governing council member of the European Central Bank, said the possibility of the Aegean nation being unable to meet financial obligations remains a very serious possibility. Since June 2010, the troubled nation has received two rounds of international bailout aid and elections last weekend have thrown the nation into chaos.
"We had a range break in the euro yesterday and this just feels like a small pause today," currency strategist Daragh Maher with HSBC told Reuters. "It doesn't feel like there's much appetite to take the euro higher, just that we've just curtailed some of the trauma on the downside,"
Weber said at a Thursday conference in London that Greece's inability to meet financial obligations is a realistic scenario while also stating fiscal troubles in Spain present potential issues for Italy.
Greece is preparing for additional elections while skepticism remains about the nation's ability to stick to terms of austerity measures in order to receive additional aid, according to Reuters.
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