Euro drops for 3rd day as Spain defies EU fiscal pact |
Reuters - Mar 2, 2012 |
The euro dropped against the dollar for a third straight day on Friday and was on track for its worst week since mid-December after debt-burdened Spain challenged the European Union's new fiscal pact.
Spain, Europe's fourth-largest economy, set itself on Friday a softer 2012 deficit target than originally agreed to under the euro zone's austerity drive. Prime Minister Mariano Rajoy said Spain's new 2012 target of 5.8 percent of gross domestic product was more realistic than the original goal of 4.4 percent but still fiscally demanding.
"The new higher, self-imposed Spanish debt limit calls into question the basis of the European rescue agreement with Greece and other nations," said Joseph Trevisani, chief market strategist at Worldwide Markets in Woodcliff Lake, New Jersey.
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- Posted: 2012-03-02 14:33:31
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