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Euro under pressure as investors bail out

Despite the fact that the European Union, the IMF and the Greek authorities confirmed a EUR110 billion bailout package at the weekend there has been more pressure on the Euro this morning. It is believed that many investors "bought on the rumour and sold on the fact" towards the end of last week. Even though it seems from the headlines as though the deal has been done and the money has been put to one side for the Greek authorities, it still has to be rubber stamped by members of the European Union with concern about how the French and German governments will react.

While many experts believe that the Greek debacle is now over and done with there is growing concern about the economic strength of other European nations such as Spain, Portugal and Ireland. It seems that many investors are now playing a game of "spot the next economy to collapse" and we could see sovereign debt from any of the above three countries come under pressure in the short-term. The EUR110 billion bailout will be funded by Euro zone members (EUR80 billion) and the International Monetary Fund (EUR30 billion) with the UK likely to be one of the largest contributors to the overall bailout package.

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