The shared currency of the European Union drove to its top value in 40-plus days on Tuesday amid lofty anticipations for a buyback program for Greek debt, Reuters reports.
The embattled monetary unit pushed higher as borrowing costs and expenses for beleaguered euro nations fell. Feuding political leaders in the U.S. regarding negotiations to resolve the fiscal cliff pulled down the U.S. dollar against the 17-nation monetary unit. Market expectations were dwarfed by Monday's buyback offer for Greece, which strengthens the likelihood of reducing debt and the disbursement of aid for the Aegean nation.
"The euro will survive," deputy chief economist Adolfo Laurenti with Mesirow Financial in Chicago told Bloomberg on Monday. "Europe still has a lot of problems, but more and more people are coming to the realization that these problems are going to be around for a long time, but probably are not going to lethal."
The White House opted against Republicans' proposals for steep slashes in spending to address the fiscal cliff, throwing into question the ability to negotiate a pact.
Climbs for Greek bonds on Monday led the way for the upward climb of Spanish and Italian debt as well, according to Bloomberg.
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