Euro tumbles after Greek bailout deal

The euro tumbled against its main rivals on Monday after Greek officials and the country’s international creditors agreed on a plan for a third bailout in a marathon session on Sunday.

The euro initially rose on the news of an agreement, nearing the $1.12 level. But the shared currency EURUSD, +0.0545% finished the North American session at $1.1007, down 1.3% from $1.1156 late Friday in New York.

Greek Prime Minister Alexis Tsipras has been widely criticized for capitulating on several key demands, leaving little difference in the final proposal from one Greek voters rejected during a June 28 referendum.

While the deal will likely avert a Greek exit from the eurozone in the short term, the two sides avoided confronting fundamental issues, including the fact that Greece likely can’t repay the entirety of its debt—something that both its creditors and the Greek government have acknowledged.

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