Euro Drops to Six-Week Low Versus Dollar Before Ministers Meet on Greece
By - May 14, 2011 1:00 AM GMT-0300
The euro fell against all but two of its 16 most-traded counterparts, reaching a six-week low against the dollar, on concern Greece may have to restructure its debt and the nation’s problems may spread in the region.
The 17-nation currency weakened before European finance ministers meet next week to discuss further support for Greece as the nation’s cost of borrowing hovers at almost record levels. The dollar gained versus most peers this week as stocks and commodities fluctuated.
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Comment: Markets are highly confused because of the uncertainty surrounding Greek debt. It is time that the authorities find a clear soluation. The Greek government must sell and collateralize most of its huge holding of assets amounting, as some sources say, to more than 300 billion euros.
Full text
Comment: Markets are highly confused because of the uncertainty surrounding Greek debt. It is time that the authorities find a clear soluation. The Greek government must sell and collateralize most of its huge holding of assets amounting, as some sources say, to more than 300 billion euros.
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