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Euro Holds No. 1 Spot as EU Shows Resolve on Greece Debt

European Union leaders are showing their resolve in keeping the euro region together, agreeing in an unannounced meeting on May 6 to review the terms of the 110 billion-euro ($158 billion) lifeline Greece received last year.

The euro tumbled 3.45 percent in the final two days of last week, the biggest back-to-back loss since 2008, as the European Central Bank signaled it is in no rush to raise interest rates and Der Spiegel magazine said Greece may withdraw from the currency bloc. EU officials denied the report and said Greece will need more aid. Standard & Poor’s reduced the nation’s credit rating by two levels today as investors drove yields on its two-year notes to more than 25 percent.