Pound to Euro Reaches High!

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The pound has reached a three and a half year high against the euro topping GBP/EUR 1.24 as financial markets reacted to the election results in France and Greece.

Francois Hollande was appointed France’s first Socialist president for 17 years and there is a new threat to a eurozone break-up posed by the post-election in Greece. Investors were under no illusions with either: Greece would vote anti-austerity and the resulting shambolic coalition would threaten its survival as a member of the single currency. France would vote anti-Sarkozy and President Hollande would have as little success as his predecessor in squaring the circle of budgetary balance. These results are seen as rejections to austerity measures and are likely to see a change in approach for these nations which has caused uncertainty within the eurozone.

The earliest date mooted for the departure of Greece from the euro is next month. Whilst such a short timeframe might be ambitious, the political situation in Greece makes it more likely than ever that the country could secede from the single currency. The economic impact of such a move is impossible to know but even an optimist would have to agree it would be severe and widespread.

This breakthrough in Sterling/Euro does not guarantee further upward progress but does make it likely.

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Pound to Euro Reaches High!

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