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Euro down as Greece talks break up but Nikkei surges
Imaduddin
12 Feb, 2015
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Copyright AFP (Agence France-Presse), 2015
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![](https://i.brecorder.com/images/2015/02/asian-market001.jpg">HONG KONG: The euro dipped in Asian trade Thursday after talks between Greece and its European creditors on restructuring the country's bailout broke up without agreement.</P><P>Japanese shares surged to a more than seven-year high as the yen retreated against the dollar thanks to investors betting on the US Federal Reserve hiking interest rates soon.</P><P>The Nikkei in Tokyo, which was closed Wednesday for a public holiday, rallied 1.85 percent, or 327.04 points, to 17,979.72 -- its best finish since July 2007.</P><P>Shanghai rose 0.50 percent, or 15.72 points, to 3,173.42 while Hong Kong gained 0.44 percent, or 107.13 points to 24,422.15.</P><P>However, Sydney retreated 0.44 percent, or 25.5 points, to close at 5,743.6 after data showed Australian unemployment at a 12-year high. Seoul eased 0.21 percent, or 4.07 points to 1,941.63.</P><P>The focus of attention was on Europe, where eurozone finance ministers were unable to hammer out a renegotiation of Greece's bailout terms.</P><P>Jeroen Dijsselbloem, head of the Eurogroup of eurozone ministers, said six hours of talks produced no deal on an extension of Athens' 240 billion euro EU-IMF rescue programme.</P><P>Greece's bailout is due to expire at the end of February and failure to agree on an extension would see Greece default on its giant debts, almost inevitably meaning that it would crash out of the eurozone.</P><P>Prime Minister Alexis Tsipras led the hard-left Syriza party to victory in elections last month vowing to bring an end to austerity measures imposed under the bailout.</P><P>On currency markets the euro bought $1.1317 and 136.20 yen, down from $1.1332 and 136.37 yen in New York Wednesday afternoon.</P><P>)
