Corporate foreign exchange news

Published by Mark Smith-HalvorsenThe euro recovered from ten-month lows this morning (March 26th) amid growing optimism that EU leaders may agree on terms for a Greek bailout package.At the close of the EU economic summit yesterday, regional leaders had laid down a framework for emergency support for the country, with the International Monetary Fund (IMF) expected to prop up an EU deal.Germany's chancellor Angela Merkel has been a vociferous opponent to an EU-led package, insisting that German taxpayers should not foot the bill for Greece's fiscal malfeasance.However, as the second day of talks get underway this morning it is looking increasingly likely that the EU will play a key role in the putative bailout.Jean-Claude Trichet, head of the European Central Bank, has also toned down his opposition to IMF involvement, after earlier stating that it would be "very, very bad" if Greece were forced to approach the organisation for an emergency loan.For more information on international payments, visit our Smart FX site