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Euro Falls to Lowest Level in 10 MonthsMarch 25, 2010 By: Jena Tesse Fox
In case your clients need more convincing that now—right now—is the time to visit Europe, tell them that the Post and other sources are reporting that the euro has fallen to its lowest level in 10 months. Europe's leaders have been fighting into a deadlock about how to deal with debt-ridden countries like Greece and Portugal.
Investors dumped the currency in droves yesterday after Portugal's credit got downgraded by Fitch Ratings, a blow to the financial image of the 16 nations sharing the euro. It reportedly fell more than one percent to $1.33 against the dollar.
Market pressures worsened as European finance ministers prepared to meet today in hopes of finding a solution to the debt crisis in Greece and Portugal.
Both countries are part of a growing list of European nations starting to buckle under the weight of massive budget deficits. Greece was the first to stumble, but other countries in trouble include Italy, Ireland and Spain.
That looming fear helps explain why the euro is down six percent this year. Even the British pound has struggled in recent sessions, dropping yesterday to $1.49.