Tuesday, June 1, 2010

Largest decline of the euro against the dollar since 4 years fell to 1.21 dollars

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Depreciation of the euro on Tuesday, to 1.21 dollars, at 08.05 T c, the lowest level in more than four years, due to growing concerns about the prospects for economic recovery in the euro zone. And reinforced concerns about the extent of recovery of the euro area following the publication of a quarterly report on financial stability issued by the European Central Bank, said that the euro-zone banks at risk to include in their accounts 195 billion euros of additional decline of the value of currency by the end of 2011. The European single currency has suffered from reduced credit rating and debt of Spain by the agency Fitch Ratings, which reduced the degree classification of Spain and debt.

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