Published by Mark Smith-HalvorsenThe euro slumped against the dollar and other major competitors this morning (March 22nd) as Germany and Holland expressed their opposition to an EU-backed bailout for Greece.The Telegraph reports that a rejection of the EU deal will shatter many of the assumptions underpinning the union and will cut short any mooted moves to greater fiscal federalism or an EU treasury.In this morning's trade, forex dealers pushed the euro to a three-week low against the dollar, with many now anticipating that Greece will have to approach the International Monetary Fund (IMF) for a rescue package.Meanwhile, European Commission president Jose Barroso has attempted to assuage concerns that the union will fail to put together a firm rescue package and will be forced to call on the IMF for assistance."I do not want to speculate if there will be a financial contribution from the IMF. What is important is to agree on a euro-area instrument," he commented.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site