Euro under pressure as Greek crisis becomes a 'huge game of chicken'

Telegraph
"The euro faced renewed selling in foreign-exchange markets on Monday morning as doubts about the ability of Greece to cut its deficit heaped pressure on the single currency....The euro fell more than half a cent against the dollar to $1.3630 in early trading and also weakened against sterling as uncertainty over whether Greece will need to turn to the European Union or the International Monetary Fund for a bail-out persisted.Greece's spiralling deficit - estimated at 12.7pc of its gross domestic product last year - stands far beyond the 3pc threshold permitted by the rules of European Monetary Union (EMU) and has left the single currency facing its biggest challenge in its short history."