FX VOICE: Can the euro hold out?
Jun 11, 2012
FX VOICE: The Cyprus bailout
Europe finally agreed a deal on a Eur10 billion bailout for Cyprus to prevent its banking system from collapsing. CT asks what this controversial rescue means for the euro.
Mitul Kotecha, head of global FX strategy, Credit Agricole CIB:
The bailout deal for Cyprus resulted in the euro jumping above 1.3 versus the dollar. The good news is that the prospects of a default and exit from the eurozone have diminished significantly, while the European Central Bank will not follow through with its threat to cut off liquidity to Cyprus’ banks.
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