According to report published by the Institute of International Finance, if Greece does eventually default on its debt, it may cost the EU up to €1 trillion.In this case, Spain and Italy will also address international lender for financial aid.
In order to avoid a default, Greece will have to agree with its private lenders on debt restructuring. BNP Paribas, Commerzbank, Deutsche Bank and some other major European banks have already backed the plan.
The private holder of Greek bonds should apply for the restructuring plan until March 8th. If less than 75% of the bondholders apply, Greece will have to announce a default on its debt.
According to the Department of Volume Analysis of , the 6E futures (EURUSD) is consolidating within the price range restrained by major volume clusters around 1,3145 (at the bottom) and 1,3222 - 1,3235 (at the top). A break out of the range will define the direction of the future trend.
Support levels -1,3160 (1,3159), 1,3145 (1,3144 Forex), 1,3110 (1,3109 FX) и 1,3082 (1,3081 FX). Resistance levels - 1,3206 (1,3205), 1,3222-1,3235 (1,3221-1,3234 FX).
