ABC: Euro Gains as Investors Reassured on Aid Deal
The euro is rising against the dollar as investors appear reassured that Greece will get the emergency loans it needs in July to avoid default.
Greek lawmakers have passed a bill on so-called austerity measures that international creditors had required in demand for the release of the July aid.
Talks are also progressing on a second bailout for the indebted country beyond last year's 110 billion euro ($159 billion) package. A default could have catastrophic effects on European banks that hold Greek bonds, and the ensuing rise in borrowing costs across Europe would have sent economic ripples throughout the continent.
In morning trading Thursday in New York, the euro rose to $1.4464 from $1.4428 late Wednesday. The dollar also fell against the Japanese yen, but gained against the British pound.
