The euro was on the defensive side on Monday following Greece failed to meet a self-imposed Sunday deadline for sealing a deal with its lenders to access aid, igniting fears of a debt default.
Greece is at risk of a default or bankruptcy in weeks without a deal. According to sources privy to the matter, the Greek government and its European lenders agreed on the need to broker a cash-for-reforms agreement swiftly.
The common currency lost 0.4% to $1.0954, from Friday’s high of $1.1006. Against the Japanese yen, the shared currency slid to ¥136.21 from ¥136.49.
Greece still has four days to hit or miss the deadline for a €300 million payment to the International Monetary Fund, said Ray Attrill, Global Co-head of FX Strategy at National Australia Bank.
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