01 Nov '11, 11pm

Euro dives below US$1.37 on Greek referendum call

NEW YORK: The European single currency fell below $1.37 on Tuesday after debt-plagued Greece shocked investors by calling a referendum over the nation's latest EU bailout. Adding to the toxic mix, indebted Italy's bonds came under acute pressure on heightened concern over spreading debt contagion from the eurozone crisis. The euro tumbled as low as $1.3609, its lowest level since October 12, before recovering to $1.3697 at 2200 GMT, down from $1.3851 late Monday. It was a big drop from the $1.42 level struck last Thursday, following the EU summit's reaching a comprehensive deal to resolve the months-long crisis in the euro zone, beginning with a new Greek debt reduction and austerity deal. "This throws all the summit's deliberations up in the air, even though they were considered lame in the first place," said David Morrison of currency specialist FX360. "In consequence, i...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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