Tags: Dollar

Euro Keeps Falling As EU Wrangles Over Greek Aid

Thursday, 25 Mar 2010 06:46 AM

The euro is lower against the dollar ahead of a crucial EU meeting where a rescue package for Greece, likely with the help of the International Monetary Fund, is expected to be agreed.

The 16-nation euro buys $1.3325 in European morning trade Thursday, down from $1.3338 late Wednesday in New York. That is its lowest since May 2009. On Wednesday, Fitch Ratings downgraded Portugal's debt.

The British pound is up at $1.4895 from $1.4893 while the dollar is lower at 91.84 Japanese yen from 92.10.

European leaders are divided over how to help Greece, with Germany pressing instead for IMF involvement, which would be an embarrassment for European integration.

EU Commission President Jose Manuel Barroso called the outcome of the meeting a test of "European and monetary union."

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