04 Jul '11, 5pm

Euro steady against dollar after S&P Greek warning: LONDON: The euro was steady against the dollar Monday despit...

LONDON: The euro was steady against the dollar Monday despite a warning from ratings agency Standard and Poor's which appeared to undercut the recent progress made on the Greek debt crisis. Dealers said trade was quiet, with US markets closed for the Independence Day national holiday, meaning the impact of the S&P lead might only be seen Tuesday. S&P said early Monday that recent proposals for a new Greek bailout, under which private sector banks would rollover their exposure, would be tantamount to a debt default, the very outcome officials are trying to avoid. A default is feared because of the potential domino effects in could have across the eurozone and the global financial system. In late London deals, the European single currency was at $1.4524 after $1.4526 in New York Friday. The dollar fell to 80.77 yen from 80.82 yen. The S&P warning came after eurozone finance ...

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

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