Euro dips slightly in Asian trade as Greek exit looms

The euro was slightly down against the dollar in Asian trade on Monday.
The euro was slightly down against the dollar in Asian trade on Monday. PHOTO: AFP

TOKYO (AFP) - The euro was slightly down against the dollar in Asian trade on Monday after eurozone leaders set Greece a brutal ultimatum for a desperately needed bailout deal as an exit from the single currency loomed ever larger.

The euro stood at $1.1130 shortly after 6am (Singapore time) in Tokyo, down from $1.1149 in New York late Friday.

In earlier electronic trading before markets opened, the euro fell as low as $1.1089.

 

At a summit on Sunday, hawkish Germany pushed for a Greek "time out" from the euro if leftist Prime Minister Alexis Tsipras fails to agree terms for a three-year rescue plan worth up to 86 billion euros (S$129.7 billion).

Athens faces demands to push through new reform laws next week to win a third bailout since 2010, with the government in a tight corner as the cash-starved country's banks look set to run dry in days.

Tsipras, who was elected on an anti-austerity platform in January, insisted on Sunday a deal was possible "if all parties want it", and added that he was ready for an "honest compromise".