11th March 2015
The plight of the euro continues to capture headlines, as the stricken currency fell to a fresh 12-year low on Wednesday.
Driving the euro’s descent was a rising dollar and the European Central Bank’s (ECB’s) stimulus scheme. The ECB began its bond-buying program on Monday, where it’s using new money to purchase government debt.
As the market is flooded with euros, it creates a huge supply and pressures the single currency lower. However, European stocks have been lifted on the bank’s attempt to kickstart the economy.
The common currency also came under fire from renewed tensions between Greece and its creditors. Greek newspapers ran reports that suggested the country will be seeking reparations from Germany, for crimes committed during World War Two.
Despite these political rumblings, Greece’s membership in the eurozone is still uncertain. The heavily indebted nation has yet to produce a credible reform package, according to European officials.
Greece has until the end of June to work something out with its European creditors, else it risks being unable to finance its debt.
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