Euro Sinks to Weakest Since 2000 Against Yen on Crisis Concern
This article is for subscribers only.
The euro weakened to the least versus the yen since November 2000 and to a two-year low against the dollar on concern European policy makers aren’t doing enough to resolve the region’s financial crisis.
The 17-nation shared currency added to its three-week loss versus the greenback as Spain said its recession will extend into next year as the region of Valencia prepared to seek a rescue from the central government. Spanish borrowing costs approached a euro-era record even after European finance ministers gave full approval to an aid package of as much as 100 billion euros ($122 billion) for the nation’s banks.