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| Europe |
| Euro hits lowest level in 4 years |
| 2010-06-08 |
| Amid ongoing concerns over the eurozone debt crisis, euro has plummeted to its lowest level against dollar in the last four years. In Asian trade on Monday, euro plunged to 1.9 dollars, the lowest level since March 2006. It also stood at 108.47 yens, hitting its lowest level in eight years, AFP reported. The news has ruffled EU leaders with Economic Affairs Commissioner Olli Rehn expressing concern at the speed of the fall in the euro's value. Rehn, commenting ahead of talks with the finance ministers of eurozone nations in Luxembourg on Monday, said the speed of the plunge is much more concerning than its level. The concerns over EU financial woes have worsened following the possibility of an emerging financial meltdown in Hungary and fears that Germany may refuse to commit itself to Greece's rescue package. Hungarian Prime Minister Viktor Orban has announced that his country, which was once bailed out by the EU and International Monetary Fund in 2008, may again face a Greece-like financial meltdown. Markets, on the other hand, are still upset over the uncertainty of Germany's commitment to the Greek crisis. Analysts fear that the German constitutional court may block the contribution to the loan. A multibillion loan has been destined to be granted to Greece to bail it out of the enormous debt crisis, which is threatening the health of the entire eurozone and global markets. |
| Posted by:Fred |
| #2 Since this is Iran's official press agency, you shouldn't expect accuracy. Yesterday the Euro fell below $1.19 and is heading towards parity. We're in a tight race to see who can destroy their economy first: Obama or the Euroweenies. Al |
| Posted by: Frozen Al 2010-06-08 14:53 |
| #1 Faster, please. |
| Posted by: g(r)omgoru 2010-06-08 10:23 |