Pound Declines as EU Meets on Greece, Carney Appointed to BOE
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The pound weakened to a one-month low against the euro as European Union finance ministers meet for talks on an updated aid package for Greece, less than a week after an all-night meeting failed to reach an agreement.
Sterling pared declines against the dollar and euro after Bank of Canada Governor Mark Carney was unexpectedly appointed as the next head of the Bank of England. Ten-year gilt yields fell after the Institute for Fiscal Studies said Chancellor of the Exchequer George Osborne may have to extend his austerity program by another year to 2018.