Debt Concerns Hit Euro

The euro fell against the dollar and yen this morning after German Finance Minister Wolfgang Schaeuble told a newspaper that Greece may be required to renegotiate with its creditors to work out a repayment schedule. Schaeuble’s comments are the highest authority yet to suggest debt restructuring may be necessary for those countries facing potential default.

The euro decreased 1.2 percent to 119.63 yen at 8:35 a.m. in New York, from 121.08 yesterday. The 17-nation currency dropped 0.2 percent to $1.4412, from $1.4443, after earlier approaching a 15-month high. The Swiss franc appreciated 0.7 percent to 1.2860 versus the euro. The dollar fell 1 percent to 83.03 yen, from 83.84.

Source: Bloomberg

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