Good morning. The political drama in Greece is still unfolding after Prime Minister George Papandreou dropped the referendum proposal and instead chose to build political consensus on a new bailout plan after EU leaders started talking of a possible Greek exit from the EU to preserve the euro. The no confidence voting is expected to take place tonight. If the Prime Minister loses the no-confidence motion, Greece may hold a snap election amid growing political instability.<\/p>\n
If that happens, Greece may not receive the next tranche of bailout money that it so desperately needs. Papandreou said he\u2019ll be happy to step down if his Socialist party backs him in the confidence vote today. \u201cI don’t care about being re-elected. I am interested in saving the country,\u201d said Papandreou. Now, here we go again. No further comments on that. Nonetheless, the drama has managed to overshadow the G20 meeting being held Cannes.<\/p>\n
There was however, some surprise after the ECB decided to cut interest rate yesterday. Most analysts had expected a rate cut in December. This should augur well for the regions growth as the peripheral countries struggle to keep their houses in order. Another round of rate-cuts may take place in December to erase the rises seen this year.<\/p>\n
GBP\/EURO \u2013 1.1586
\nGBP\/US$ \u2013 1.5985
\nGBP\/CHF \u2013 1.4180
\nGBP\/CAN$ – 1.6220
\nGBP\/AUS$ \u2013 1.5416
\nGBP\/ZAR \u2013 12.5982
\nGBP\/JPY \u2013 124.89
\nGBP\/HKD \u2013 12.4305
\nGBP\/NZD \u2013 2.0158
\nGBP\/SEK \u2013 10.5381<\/p>\n