According to currency analysts Credit Agricole, despite calls for assistance of Greece, will take time before they will be resolved fiscal and debt problems within the eurozone. The Bank believes that any recovery of the European currency will be short term in view of continuing concerns regarding problems with the debt of Greece, Spain and Portugal. Austerity plan will lead to a decrease in economic activity, and reduced costs and increased taxes will cause social unrest. Based on these factors, the bank's strategy prefer to consider any increase in the euro as an opportunity to sell the currency.
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