The euro is getting crushed right now, after a Bloomberg headline that EU leaders were considering delaying all or part of the bailout.
According to the report, Greece would still be able to avoid default under this new plan.
The euro has plummeted back into the $1.30s, as optimism appears to vanish from the markets. European stocks, though still in the green, have fallen from earlier highs today.
According to Reuters, that delay could last until after a new round of Greek elections expected in April. That report quotes a source as saying, “There is pressure from several countries to hold off [on the bailout] until there is a concrete commitment from Greece, which may not come until after they’ve held elections.”
Under this plan, Greece would still move forward with the private sector debt swap plan it has been discussing for the last few months. Other aspects of the original bailout agreement could also be honored to prevent Greece from suffering a disorderly default.
EU leaders are set to discuss this and other plans on a conference call at 11 AM EST.
Check out the dive in the euro against the dollar in the last few minutes:
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