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Monday 31st of May 2010
March 24, 2010    

Euro continues to lose value amid Greek debt crisis

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by Kay Murchie
Euro continues to lose value amid Greek debt crisis

The euro continues to lose value as investors remain concerned about a solution for Greece’s fiscal problems.

The currency fell to a record low of 1.4232 francs on trading platform EBS, while falling to an all-time low against the Australian dollar to $1.4654.

Against the US dollar, it fell to $1.3459 - close to a ten-month low of $1.3432.

Greece currently has the highest debt of the 16-member euro zone, at €300 billion (£273 billion) and its economy is considered to be the euro zone’s weakest.

The country is currently taking action to reduce its public deficit from 12% to 8% of GDP this year.

However, concerns over how it plans to achieve this have sent the euro plummeting as investors become nervous.

All eyes will be on the European Union summit, scheduled to take place tomorrow, in which Greece’s debt crisis is set to be the main topic of discussion.

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