Greek uncertainty pressures euro, shares

Greek uncertainty pressures euro, shares - Uncertainty over the outcome of talks to restructure privately held Greek debt limited gains in European shares and the euro on Monday ahead of a finance ministers meeting to decide the terms of further aid for Greece.

credit: reuters

Private creditors said on Sunday they had come to the limits of what losses they could concede in a Greek debt swap, putting the ball in the court of the EU and the IMF in a tense race against the clock to avoid a messy default.

"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," said Niels Christensen, currency strategist at Nordea in Copenhagen.

"The major risk to euro/dollar is to the downside, especially after the small bounce last week which took out some of the riskier short positions," he said.

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