FX.co ★ EU decision to allocate the bailout to Greece increased the euro rate

EU decision to allocate the bailout to Greece increased the euro rate
During the trading session on July 22 the euro hit the two-week record high against the dollar. According to Reuters, it happened after the Eurozone leaders and IMF agreed on granting the aid to Greece for overcoming the debt crisis.
At the beginning of trading session the euro increased to 1.4440 against dollar and then fell down to 1.4407. At 12:45 (Moscow time) the euro was worth 1.4412 dollar.
Before the Eurozone summit the euro rate fell down to 1.42 against dollar. The reason of decline is the announcement of Jean-Claude Junker, the President of the Eurogroup, about potential “selective default” in Greece.
Greece claimed the additional anti-crisis credit from EU and IMF at the end of June 2011. Last year Athens received the bailout amounting to 110 billion euro but it was not enough. On July 21 at the summit in Brussels it was agreed to render 109 billion euro more. It is expected that 40 billion euro can be provided by banks and private investors.