Euro Depreciates Amid Speculation EU Plan for Greece May Falter

The euro fell for a third day against the dollar amid speculation Greece may be having second thoughts about a plan that provides European Union and International Monetary Fund support in refinancing its debt.

Europe’s common currency slid the most versus the yen in almost six weeks after a report that Greece wants to bypass IMF involvement if it needs assistance because the conditions would be too stringent. A government official denied the report. The Canadian dollar strengthened to parity with its U.S. counterpart for the first time since July 2008 as crude oil traded near the highest in more than 17 months.

“The fear factor is back in regards to Greece,” said Dean Popplewell, an analyst in Toronto at the online currency-trading firm Oanda Corp. “People are concerned about the Greek government bypassing the IMF.”

Read Full Article from BusinessWeek

- Posted: 2010-04-06 10:27:48

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