The euro found more support from Germany today to help the upside move ahead of the finance ministers meeting in Brussels that are seen by the market likely to have reached an agreement on the second bailout for Greece.
Ahead of the meeting the German finance ministry spokeswoman Marianne Kothe said that the euro-area officials made progress ahead of the meeting today and they have only some points to be resolved today.
She said progress was made, but there are some points that need to be clarified for which decisions are necessary. Of the remaining issues is the possibility of creating an escrow account for Greek payments; the proposal was originally proposed by Germany and France early February and the idea of an escrow account is to keep the necessary interest payments of the debt to be paid by Greece in a separate account to make sure that Greece consistently makes the money available and that will surely be reassuring to creditors.
Kothe added saying that the ministry is increasingly optimistic that the ministers will reach an agreement and that in today's meeting, that they will try to reach an agreement on the participation of the private sector and the second Greek bailout.