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March 25, 2010    

Uncertainty in Greece pushes euro to 10-month low against dollar

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by Kay Murchie
Uncertainty in Greece pushes euro to 10-month low against dollar

The ongoing uncertainty in Greece has pushed the euro to a 10-month low against the dollar as European Union leaders prepare for a two-day summit in Brussels today.

The currency fell to $1.333 - its lowest level since May last year, while it also lost 0.3% against the pound to 89.338 pence.

As well as the debt crisis in Greece, there are fears for Portugal after international credit rating agency, Fitch, cut the country’s credit rating to ‘AA-’ with a negative outlook.

According to Fitch, Portugal’s prospects for recovery are weaker than its fellow nations in the euro zone, which could put pressure on public finances.

There have been fears for Portugal after the country experienced a slump in demand for Government bonds.

Meanwhile, European Commission president Jose Manuel Barroso is calling for leaders to agree an aid package for Greece.

Tension has been mounting between Greece and some of its fellow euro zone nations, particularly Germany, who recently said euro zone nations are in serious breach of fiscal rules should be expelled from the group.

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.

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