European Stocks Fluctuate Amid Greek Uncertainty

European Stocks Fluctuate Amid Greek Uncertainty

The vagueness of Greece's debt crisis had its effect on today's European stocks opening, as stocks fluctuated with worries dominant over the outlook for growth.

A crucial week lies ahead for investors, where Obama will be meeting with the Republicans to reach consensus over the budget to avoid fiscal cliff. In addition, the Euro Zone finance ministers will meet on Tuesday November 20 to discuss Greece's debt crisis and budget deficit, to see if Greece will be eligible to receive the second bailout payment almost €31 billion.

Next week's meeting will be crucial for Greece, Lagarde the head of the International Monetary Fund (IMF) will cut her visit to Asia to join the Euro Zone finance ministers in Brussels next week.

Lagarde maintains her strong stance against the European Union's decision to extend the deadline for Greece to cut its debt to 120 percent of the GDP by two years to 2022. Lagarde still insist that Greece must commit to the previous timetable and reach the target in 2020, it is yet to be seen whether a consensus will be reached in time or Greece's crisis will deepen.

At precisely 03:23 EST, European indices start the session nearly flat. French CAC 40 was marginally changed adding 0.09% to 3385.34, German DAX added 0.05% to 7047.28 and FTSE 100 traded slightly lower by 0.03% to 5676.06.

At 12:03 PM (GMT +3), the euro declined to $1.2737 after opening at $1.2779. The EUR/USD pair hit the highest intraday at $1.2783 and snapped back to the low of $1.2737.

The British pound turned to the upside driving the GBP/USD pair to trade at $1.5871 compared with the opening at $1.5865, recording the highest at $1.5892 and the intraday low of $1.5849.