Forex News – Euro rises after “satisfactory” Greece-IMF-EU conference call

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Greece’s Finance Ministry said “satisfactory progress” was made in a conference call with the country’s international lenders late on Tuesday and senior EU/IMF/ECB inspectors were expected in Athens next week.

“Satisfactory progress was made,” the ministry said in a statement. “The talks will continue this coming weekend in Washington DC, where (Finance Minister) Evangelos Venizelos is going to attend the annual meeting of the International Monetary Fund.”

The ministry said technical teams would continue to work on 2011-12 budget data as well as the whole mid-term plan up to 2014.

The mission of top inspectors from Greece’s international lenders will return to Athens early next week to resume its review of the country’s progress in a 110 billion euro ($150 billion) bailout programme, a source close to the team said on Tuesday.

The representatives from the European Union, International Monetary Fund and European Central Bank had earlier held a conference call with Greece’s finance minister on steps Greece must take to receive an 8 billion euro aid tranche it needs to avoid running out of cash next month.

The source close to the so-called troika said good progress was made during the call and technical discussions would continue in Athens in the coming days.

Euro rose against most major counterparts after the news.