The 16-nation currency was higher versus the Dollar after Monday's trading following positive comments from EU officials. This helped to reduce fears over the aid package offered to Greece. German Chancellor Angela Markel said that a bailout package could be implemented before Greece's next debt payment which is scheduled for May 19. Greece will most likely be required to implement strict austerity measures as a precondition to any EU/IMF aid package. The negotiations between the Greek government, the EU, and the IMF could be dragged on until the debt payment is due. The EUR was also supported by comments by Bundesbank President Axel Weber who said that despite the Greek debt crisis, there is no risk of a collapse of the euro.

The EUR/USD was higher following the close of New York trading at 1.3414 from an opening price of 1.3369. The EUR/GBP was unchanged at 0.8664.

This past weekend's meeting of the IMF and World Bank gave the impression that the world's finance heads were unimpressed with the EU's response to the Greek crisis. Leaders would have liked to have seen a faster and larger response by the EU and the IMF. A lack of action, particularly on Germany's part was noted. It is apparent that the Greek sovereign debt crisis is far from being resolved and should continue to weigh on the EUR.