The euro is rising against the dollar on word that French banks will accept a debt rollover to help Greece. The proposal helped ease fears that Greece could default on its debt, AP reported.
The plan is for the banks to reinvest their Greek debt holding into new 30-year bonds. It would give more funding and time for Greece to manage its debt.
On Wednesday the Greek parliament is expected to vote on austerity measures which must pass in order for the troubled country to get its next installment of funding from last year's 110 billion euro bailout package. Many economists expect the measures will pass, and Greece will avoid a default.
In late morning trading Monday, the euro rose to $1.4265 from $1.4171 late Friday.