"We expect the Greeks to rise to their responsibilities. This coming Monday, we will see whether Greece delivers or whether we will be forced to decide on another course of action, one that is not desired"
- Steffen Kampeter, German Deputy Finance Minister
The Euro rose against the US dollar and the Yen on Friday on hopes Greece was nearing a deal to secure a new rescue package despite rising worries about the ability of Greek leaders to rule the debt crisis.
German Chancellor Angela Merkel, Italian Prime Minister Mario Monti and Greek Prime Minister Lucas Papademos are optimistic that an agreement regarding the Greek bailout can be reached at Monday's Eurogroup meeting.
However, the European Commission, the European Central Bank and the IMF remain pessimistic about prospects of Greece, predicting its debt to be around 129 per cent of GDP in 2020, well above a target of 120 per cent set in October.
Also the Euro has been supported by positive statistics form Germany where index of producer prices for industrial products rose by 3.4% in January 2012 from the corresponding month of the preceding year.
© Dukascopy Bank