Published by Zeb BhamForeign exchange traders yesterday pushed the euro to a one-year low against the dollar after Greece's debt rating was downgraded to junk and signs of contagion spread throughout Portugal, Italy and Ireland.There has been a moderate uptick in the single currency this morning after the Financial Times cited unnamed sources claiming that the International Monetary Fund (IMF) will provide an additional $10 billion to the Greek bailout package, on top of the original $15 billion.However, Adam Carr, senior economist in Sydney at ICAP Australia, said the rally will be short-lived."Look for a joint announcement from the IMF and the European Union. This is much more likely than a default," he claimed.During yesterday's trading, Portugal's benchmark stock index fell by the largest margin seen since the collapse of Lehman Brothers, while in Italy and Ireland, yields on government bonds soared to a ten-month high against equivalent German bund yields.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site