ECOFIN (The Economic and Financial Affairs Council) meetings are underway in Poland to discuss and resolve the Eurozone debt crisis. The major topic in the meetings will be the Greek debt and its next installment payment, which is opposed by a couple of EU members without receiving collateral. EUR/USD has dived to the 1.3752 after hitting the 1.3934 high.

The Greek debt saga has been ongoing for months now and the uncertainty is building up. We have street protests in Greece against the Government measures of raising taxes and deep spending cuts. The European Union is not bluffing this time, it wants Greece to take serious steps if it’s looking for a new bailout package.