Euro rises against dollar on hopes for Greek deal

AP News
Posted: Feb 17, 2012 3:23 PM
Euro rises against dollar on hopes for Greek deal

The euro rose against the dollar Friday after German Chancellor Angela Merkel said she is "optimistic" European leaders will agree on a Greek bailout deal next week.

A deal to give Greece a $170 bailout has been delayed because European finance ministers said the country needed to do more cost-cutting before the money could be handed over.

Without the bailout cash, Greece could default on its debt next month. A default would cause losses for European banks, disrupt financial markets and hurt other countries that use the euro.

The euro rose to $1.3159 in late trading Friday from $1.3143 late Thursday.

In other trading, the British pound rose to $1.5843 from $1.5804.

The dollar rose 79.46 Japanese yen from 78.90 yen, to 0.9187 Swiss franc from 0.9186 Swiss franc and to 99.60 Canadian cents from 99.58 Canadian cents.