Euro falls over debt fears ‎

Euro falls over debt fears ‎
# 15 May 2010 11:53 (UTC +04:00)
The euro slid as low $1.2358 on electronic trading platform EBS on Friday, its lowest position since October 2008, while the concerns also pushed down markets and the price of oil. The euro currency has slipped to an 18-month low against the US dollar amid fears that European spending cuts and tax rises could derail economic recovery. The euro slid as low $1.2358 on electronic trading platform EBS on Friday, its lowest position since October 2008, while the concerns also pushed down markets and the price of oil.

European countries are battling to stop Greece’s debt crisis, which has required the EU and International Monetary Fund to provide a $136bn bailout and Athens to announce sweeping cuts, spreading to other nations.

"It’s clear that the chief responsibility of Europeans is to take appropriate measures to counteract the current tensions in Europe," Jean-Claude Trichet, the European Central Bank president, said in an interview with Germany’s Der Spiegel on Saturday. Trichet called for better monitoring of euro zone government budgets, which under the zone’s stability and growth pact should run deficits of no more than three per cent of GDP.

The euro currency has slipped in Azerbaijan too. The exchange rate of Euro stood at 1.0075 AZN/€.
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