Published by Mark Smith-HalvorsenForeign exchange traders are watching the euro closely after the Greek prime minister George Papandreou called for a meeting between the EU, the European Central Bank and the International Monetary Fund.The leader of the debt-addled nation is expected to make a formal request for lending agreed between finance ministers on April 19th which could total €45 billion.The country has struggled to keep borrowing costs down in recent weeks and the new rescue deal calmed market fears that the country would default on its debts.However, speaking to Bloomberg, Jonathan Loynes, chief European economist at Capital Economics in London, said forex dealers and market analysts are still concerned about the country's prospects for recovery."Greece is going to remain in recession for a number of years and that is going to make it very difficult for it to meet its deficit reduction plans."He added that "it wouldn't be at all surprising" if the country ultimately needs to borrow more than €45 billion.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site