Euro rises on hopes for successful Greek debt swap

AP News
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Posted: Mar 08, 2012 3:25 PM
Euro rises on hopes for successful Greek debt swap

The euro rose against the dollar Thursday on hopes that Greece will get enough investors to participate in a debt restructuring deal.

The euro rose to $1.3270 in late trading Thursday from $1.3150 late Wednesday.

Greece needs to complete the bond swap to get its second package of bailout funds and avoid default. Investors who volunteer to participate will have to trade their Greek government bonds for new ones with lower face value and lower returns.

The deadline to participate ended Thursday afternoon, but official results aren't expected to be released until Friday. Before the deadline, Greek government officials told The Associated Press that participation was above 75 percent.

In other trading Thursday, the British pound rose to $1.5825 from $1.5739. The dollar fell to 0.9087 Swiss franc from 0.9166 Swiss franc and to 98.99 Canadian cents from 99.87 Canadian cents.

The dollar rose to 81.60 Japanese yen from 81.19 yen.