Euro rises against dollar on Greek bailout deal

AP News
Posted: Feb 21, 2012 3:32 PM
Euro rises against dollar on Greek bailout deal

The euro rose against the dollar Tuesday after a deal to give Greece its second bailout was approved, saving the country from having to default on its debt.

The bailout deal, which was approved Tuesday by the 17 countries that use the euro, is worth about $170 billion. Without the deal Greece would have defaulted on its debt next month. A default could have triggered another financial crisis.

The euro rose to $1.3244 late Tuesday from $1.3159 late Friday.

Greece got its first $146 billion bailout in 2010. The amount wasn't enough for the country to pay off its debts.

The dollar rose against most other currencies. The British pound fell to $1.5786 from $1.5846. The dollar rose to 79.71 Japanese yen from 79.56 yen, to 99.65 Canadian cents from 99.35 Canadian cents and to 0.9120 Swiss franc from 0.9118 Swiss franc.