Euro falls broadly as Greece debt worry escalates

The euro fell broadly on Thursday as the cost of insuring against a Greek default rose, underscoring persistent concerns about Greece's ability to service its debt.

The euro was on track for its biggest one-day fall in three weeks against the U.S. dollar as the Greek/German government bond yield spread also widened to near record levels hit before euro zone members agreed a standby aid package for Greece.

Ministers agreed on Sunday to make available 30 billion euros in loans with a further 15 billion coming from the International Monetary Fund. But uncertainty remained over how the financial assistance would be implemented.

"Markets are not pacified by the bailout package agreed upon last weekend and still consider Greece to be a high default risk," said Boris Schlossberg, director of currency research at GFT in New York.

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- Posted: 2010-04-15 10:59:17

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