Corporate foreign exchange news

Greece and Portugal 'should leave eurozone'

Monday, 15 August 2011 09:01:21 GMT

Published by Mark Smith-Halvorsen
Portugal and Greece should leave the eurozone and the European Union, it has been suggested, something that may impact foreign exchange trading.
According to AFP, citing German magazine Spiegel, US speculator George Soros believes it could be the best option for all concerned as the countries are currently finding it difficult as they need financial aid and have been forced to push up taxes.
"One has so mishandled the Greek problem that the best way forward at present might be an orderly exit," he is quoted as saying.
Mr Soros stated that if such a move did take place "the EU and euro would survive it", adding that eurobonds may need to be considered as a method of tackling the ongoing debt issues.
Meanwhile, Italian prime minister Silvio Berlusconi has faced criticism from numerous corners after introducing a range of new measures - including taxes and spending cuts - to lower the nation's deficit.
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