The 10th anniversary year of the euro will see EU officials making further efforts to maintain the stability of the common currency. Eurozone countries will need to refinance up to €650 billion of debt by the end of April.
Some €157 billion ($203 billion) in debt will mature in the 17-member euro area in the first three months of 2012. By the end of that period, leaders have pledged to draft a stricter rulebook for controlling government spending. German Chancellor Angela Merkel and French President Nicolas Sarkozy will meet in Berlin on January 9th to work out the details.
Meanwhile, in Greece the new government urges banks and insurance companies to agree to an acquaintance of 75% of the country's debt, which at present stands at 50%. An agreement on this matter is supposed to be reached before the end of January.
Stock markets rallied yesterday due to bargain hunters, however a hangover period is expected as uncertainty in the Eurozone escalates.
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