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The Euro Plunged
Title:
Euro surrenders six-week high on Greek uncertainty
The euro plunged against the dollar, surrendering an early six-week high, and dropped to a 4-1/2-month low versus the safe-haven Swiss franc on Monday with investors betting there will be little resolution in the near term on a Greek debt deal.
The lack of a breakthrough in Greek debt talks pushed yield spreads between German Bunds and debt of euro-zone peripheral nations wider, adding to downward pressure on the euro. An auction of Italian government bonds went off smoothly but did little to calm concerns.
Athens is unlikely to reach an agreement to restructure private sector holdings of its debt ahead of a European Union summit, where euro zone leaders are expected to sign off on a permanent rescue fund for the bloc and agree on inserting a balanced budget rule into national ...
Title:
GLOBAL MARKETS-Euro, stocks fall as Europe sees new signs of
The euro and stocks fell on Monday as an agreement to restructure Greek debt remained elusive and new signs of stress in the Portuguese debt market renewed fears that the European debt crisis remained at risk of contagion.
Although talks between Greece and its private bondholders made some progress over the weekend, no agreement had been reached before the start on Monday of a European Union summit where a permanent bailout fund for the region is to be approved.
In addition, the yields on Portuguese government bonds rose to a euro-era record high as investors worried that Portugal might seek a second European bailout, following in Greece's footsteps.
"The promise of concluding Greek talks has not been delivered, and people don't expect too much good news coming out of the European Union ...
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