Euro rallies vs dollar ahead of expected Greek default

June 29, 2015 11:05 PM

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Euro rallies vs dollar ahead of expected Greek default

[NEW YORK] The euro strengthened against the dollar on Monday despite Greece's institution of capital controls and shutting banks ahead of an expected default on its debt.

The euro recovered and then some from losses over the weekend as Greece's debt drama took unexpected turns. Athens' shock announcement of a July 5 referendum on creditors' bailout proposals effectively broke off negotiations that would extend the government's financial lifeline.

Also read: UPDATE 1-China banks agree debt restructuring deal with Sinosteel -Bank of China

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