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| Europe |
| Euro falls, reveals tension in EU |
| 2010-02-13 |
| [Iran Press TV Latest] The euro has hit a nine-month low against the dollar after the European Union failed to ease worries of a debt default in Greece. Euro fell roughly one percent on Friday to one-dollar-35 cents, euro's weakest record since May 2009. Analysts say the common currency for 16 European countries is getting weaker because of concerns about the fragile finances of several nations in the euro-zone. European leaders on Thursday offered support for Greece, but a lack of detail on the subject has kept investors worried. EU leaders said Greece has to take further measures to tackle its huge debts such as cutting its budget deficit by four percent this year. "Greece is a living example of why you should never give up control of your own currency," said Matthew Elliott, chief executive of the British Taxpayers' Alliance. "The British economy and public finances are in a bad enough state as it is, without dishing out yet more of our money to solve the EU's self-inflicted problems." Meanwhile, the economies in other European nations, including Germany, have remained static throughout the last quarter of 2009. "Today's data shows that the recovery in the euro area is a long way off from being self-sustained," said Jorg Radeke, an economist at the Centre for Economic and Business Research. |
| Posted by:Fred |
| #2 I've read comments for the past year from others beyond our borders questioning why the dollar hasn't completely tanked it. It's the old story about being chased by a bear. You don't have to be faster than the bear, just faster than someone else in the party. |
| Posted by: Procopius2k 2010-02-13 09:36 |
| #1 "The continent of Europe is so wide, mein herr." |
| Posted by: g(r)omgoru 2010-02-13 05:05 |