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Wednesday, 15 February 2012

Euro Falls Across The Board As Germany Seeks Further Assurances

The euro fell across the board after Germany said it was still missing documents from Greece and that it needed further assurances from the country that reforms would continue after Greece's national elections in April.

The single currency traded at session lows against the dollar and the yen and hit the day's low against the Swiss franc and sterling after the comments reinforced fears that the Greek bailout process is stalling.

By 1307 GMT, the currency traded at $1.3118 against the dollar and at Y103.10 against the yen and it was at CHF1.2067 against the Swiss franc and GBP0.8350 against sterling after the German Ministry of Finance made the comments, which came after the cancellation of the meeting of euro-zone finance ministers that was aimed at signing off on Greece's latest bailout tranche.

Earlier, the Greek conservative party chief gave a written pledge on his commitment to reforms.

Without international aid, the country will face the threat of defaulting on debts due March. 20.

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