Markets Swing Higher After Reports That The ECB Will Help Greece Close Funding Gaps

rumours about the European Central Bank exchanging holdings of Greek bonds with Greece for less than face value are back today.

Now they’re being supplemented by a Bloomberg report that the ECB could cut the interest rate on its loans to Greece to help make up a €15 billion ($19.5 billion) funding gap in the Greek budget.

Both the euro and markets are driving higher, with the currency now up above $1.30 today after dropping below $1.30 this morning for the first time since January. European markets recovered in the lead up to the close, however remained in the red for the day.

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