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Has the Greek rescue package hit the buffers?

Speculators in the currency markets have targeted the euro amid concerns that the expected rescue package for the Greek economy may well have hit trouble. Despite growing concerns expressed by Europe's larger banks it seems as though the European Union is unable to reveal details of any package at this moment in time. Should we be concerned or should we await further details?

While rumour and counter rumour are circulating the investment markets it seems that one option under consideration is a purchase of Greek bonds which will help to stabilise the situation in the country. While sceptics are uncertain as to whether the EU would be able to assist Greek authorities in the short term there are others who believe the EU is literally putting the finishing touches to a wholesale rescue package which could take many forms and develop as the days go by.

The pressure is beginning to mount on the EU and it is almost certain we will see more information leaked into the market in the hours and days ahead because concerns about the Greek economy could translate to Spain, Portugal and beyond. We are now getting towards the crunch point for the European Union and we need details as soon as possible!

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