Is the Greek rescue plan underway? According to recent news, French banks including BNP Paribas told the French government they are willing to be among the financiers to roll over the maturing Greek government bonds, and thus to avert a potential default by Greece.
According to the current rescue plan, bondholders will rollover nearly 70% of the Greek debt from mid 2011 to mid 20114, in which 50% points of the Greek debt would go to 30 year Greek securities, and the 20% points of the Greek debt would be invested in securities that would back baced by 30 year bonds.
Greece still needs to pass this week in the parliament a package of budget cuts. Once these budget cuts will be approved, it will make the EU finance ministers more willing to approve the Greek rescue plan.
On July 3rd the European finance ministers will decide whether Greece has met the conditions for its next financial aid.
Current Nymex crude oil price, short term futures (July 2011 delivery) is traded down by 0.98%, at $90.27 per barrel as of 06:48*.
Current gold price, short term futures (July 2011 delivery) is traded at $1,500.40 per t oz. a $0.50 decrease or 0.03%, as of 06:26*.
Euros to USD is currently traded down at 1.4119 a 0.4839% decrease as of 06:37*.
(Source: http://www.tradingnrg.com/euros-to-us-dollar-greek-debt-crisis-bailout-update-27-june-2011/)
The USD to Canadian dollar exchange rate is traded up at 0.9909 a 0.2402% increase as of 06:36*.
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