Euro Drops As Greece Wants More Than Eggs This Easter

The euro is down across the board today as Greece indicates that it might have to approach the IMF for aid as soon as the Easter weekend.

Piling the pressure on the EU to agree to launch some sort of fiscal rescue package at an EU summit a week today, March 25th, rumours are abounding that a failure to do so will force Greek Prime Minister George Papandreou to approach the IMF for help.

A Dow Jones News article, quoting a senior Greek official, suggests that the rift between the administration in Athens and that of Germany is widening. A report in the Wall Street Journal says that Greece's minister of economy, competitiveness and shipping, Louka Katseli, says that the chance of going to the IMF is now some 70%.

It's an interesting situation developing and a difficult one to call. Whilst German Chancellor Angela Merkel plays hardball, ECB President Jean-Claude Trichet and French President Nicolas Sarkozy appear more in favour of an aid package.

Sarkozy's keenness to help Greece out might have something to do with the fact that the IMF head, Dominique Strauss-Kahn, is an old political adversary of his.

Looks like more euro volatility lies ahead over the coming weeks.