- Jeroen Dijsselbloem, Eurogroup chief
While the single currency shifted further away from it recent highs against the U.S. Dollar on Tuesday, the pair can receive another bullish impetus later this week. European finance ministers are pushing for Greece to complete negotiation talks over the nation's next bailout plan with international lenders. Troika suggests talks should finish by the end of this week, and it will mean an end of the review that started in September. European leaders have been expressing their disappointment with the lack of any progress with structural reforms implementation in Greece, although they agreed that the highly-indebted country is now on much sounder ground than earlier. During the meeting, ministers have already approved a 150-million euros worth financial package for Cyprus. At the same time, Greece is struggling to meet requirements about recapitalization of the domestic banks.
Another positive aspect of the meeting in Brussels is a substantial progress about the Single Resolution Mechanism. Ministers broke a deadlock on European bank-failure law that was urgently sought by the ECB. While questions about how quickly the fund will be build and when and how will tap financial markets, any progress or a compromise would mean further stability in the 18-nation bloc, hence, the shared currency will be able to rocket above 1.39 and head towards 1.40 level.
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