Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Zloty Drops for Second Day as Europe Concern Grows Before Summit

Don't Miss Out —
Follow us on:

June 28 (Bloomberg) -- Poland’s zloty declined for a second day as reports showed economic conditions in the euro area, the country’s biggest export market, worsened while European leaders gathered in Brussels to discuss ways to stem the debt crisis.

The zloty lost 0.8 percent to 4.2861 per euro as of 12:03 p.m. in Warsaw, the steepest drop among more than 20 emerging-market currencies tracked by Bloomberg.

Economic confidence in the euro area slumped to the lowest in more than 2 1/2 years in June, the European Commission said today. The Ifo economic research institute said Europe’s sovereign-debt crisis will damp Germany’s economic performance this year and a report showed unemployment in the nation climbed in June for the fourth month this year.

Euro-area finance ministers set the stage for today’s gathering in Brussels of the European Union’s 27 chiefs, approving Cyprus’s bailout and detailing how they would aid Spanish banks. Consensus breaks down on safeguarding governments in Spain and Italy, with German Chancellor Angela Merkel rejecting calls to do more to cut their borrowing costs.

“We think that the road map for coming out of the crisis will be full of holes,” Rafal Benecki and Grzegorz Ogonek, economists at ING Groep NV’s Polish unit, wrote in an e-mailed note. “This won’t bring optimism to financial markets.”

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.