Euro Falls Before Greece Sells Bills Amid Restructuring Concern
This article is for subscribers only.
The euro fell to a six-week low against the yen before Greece sells Treasury bills today amid speculation the nation will need to restructure its debt.
The 17-nation currency dropped against 14 of its 16 major counterparts after Standard & Poor’s fourth downgrade of Greece since April 2010 rekindled concern the region’s debt crisis is escalating. Australia’s dollar slid before Treasurer Wayne Swan releases his budget today after promises to cut spending. New Zealand’s dollar dropped after the International Monetary Fund said the currency may be as much as 20 percent overvalued.