What is happening? I was under the impression that Greece defaulted, so where are we now?
And how come the £ is, once again, falling against the €?

 

Technically it has, but short term loans were given to Greece to pay the existing loans already owed by the previous two bailouts. Now third bailout is being readied for dispatch. Then in a couple of years Greece will fail to meet the payments and require a massive haircut on the loans again.

 

So how on earth is that STRENGTHENING the €???????

 

Greece has nothing to do with the Euro strengthening against the pound, the pound weakened against dollar and Euro due to a fall in output of UK manufacturing slowing the recovery. This on the back of a potentially big decline in China's economy and fall in oil prices means there huge uncertaintly in the global economy. On the upside, any imminent interest rate rises may be further delayed to the relief of our heavily debt laden borrowers...

 

Be interesting to see if they will risk a rate rise given whats going off, personaly i see that being a bad move, especialy given were looking houses hahaha

 

And yet, when Greece were about to default, the money men on TV were talking collapse of the € and the rise of the £?

 

Financial markets have no direct link to real world, its all about 'experts' fears about what might happen. Thats why you end up with differing results for similar situations.