Corporate foreign exchange news

Published by Zeb BhamThe euro made headway against the dollar and other major currencies this morning (March 16th) as European finance ministers knitted a lifeline to support debt-addled Greece.At a press conference in Brussels attended by Bloomberg, Luxembourg's prime minister Jean-Claude Juncker confirmed that the 16 countries using the single currency had drawn up an emergency loan in the event that Greece's internal efforts to reduce its debt burden fail."We clarified the technical arrangements that would enable us to take coordinated action which could be swiftly put into place in the event it is necessary," said Mr Juncker.In previous weeks it has appeared unlikely that Greece would be able to count on emergency support from fellow eurozone members, as there were many high-profile opponents to a bailout.German chancellor Angela Merkel was at the vanguard of opposition, declaring that Greece should not receive "a penny" of support from its European allies, a statement which caused considerable concern among forex dealers.For more information on international payments, visit our Smart FX site