Euro Climbs Most in Two Years Versus Yen on Greece’s Bailout Bid
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The euro advanced, climbing the most against the yen in more than two years, after Greece proposed a package of spending cuts and tax increases aimed at securing a bailout and avoiding being pushed out of the currency union.
After months of talks, which sent euro-dollar implied volatility soaring to the highest since 2012, Greece offered to meet most of the demands of its creditors in exchange for a 53.5 billion-euro ($60 billion) rescue package. The euro remained higher against the dollar after Federal Reserve Chair Janet Yellen said she still expects to raise interest rates this year and repeated that the pace of increases will be gradual.