Finance Chiefs Fail to Bolster Euro on Greece
The euro dropped against the dollar and yen for a second day after European officials failed to offer a plan to halt the region’s debt crisis and as Greece struggles to avoid default. The 17-nation currency slid against most of its 16 major peers before European Union and International Monetary Fund officials speak today with Greek Finance Minister Evangelos Venizelos to judge whether his government is eligible for its next aid payment. The dollar rose against the majority of its most-traded counterparts as Asian stocks slid and investors bought the safest assets on concern Europe’s debt crisis will weigh on global growth. The crisis which began in Greece has spread to larger European nations including Spain and Italy, where government bond yields rose for a fourth-straight week in the five days ended Sept. 16. Chancellor Angela Merkel’s party was defeated in a Berlin state election and her coalition ally lost all its seats after turning skepticism over euro-area bailouts into a campaign theme, stoking government infighting over the debt crisis.
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