Euro holds steady after Greece defaults

Tokyo

THE euro held steady in Asia on Wednesday as traders shrugged off the widely expected default by Greece, with focus now turning to the weekend's referendum, which could determine the country's eurozone future. The single currency bought US$1.1136 and 136.44 yen in Tokyo trade compared with US$1.1139 and 136.38 yen in New York late Tuesday. The US dollar was at 122.48 yen against 122.44 yen.

Athens missed Tuesday's deadline to repay the International Monetary Fund (IMF), making it the first developed country to default with the fund. However, the lender has still not ruled out a request by Greece to give it more time, giving the government financial room to continue negotiations bailout reform talks with creditors.