The euro has risen against the dollar this morning after the Greek government unveiled 4.8bn euros worth of austerity measures.
On Tuesday, the euro fell to its lowest level against the dollar for 10 months amid continuing concerns over Greece's debt crisis. However, it rose 0.3% to $1.3637 today following the news, although it is slightly lower against the pound at 90.60 pence.
Concerns over Greece's 300bn euro debt has weighed heavily on the European single currency. Sterling was also hit, falling against the dollar and trading at $1.505. The pound has faced further damage on concerns about a Hung Parliament.
Greece has pledged to reduce its deficit from 12.7% - more than four times eurozone limits - to 8.7% during 2010.
Its new measures include raising VAT to 21% from the current rate of 19%, and cutting civil servant bonus payments during holidays by 30%. The austerity measures already proposed have provoked huge street protests.
Greek Prime Minister George Papandreou is due to visit German Chancellor Angela Merkel in Berlin on Friday, to thrash out if Greece will receive any EU assistance.
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