Fear Of A Spread In Europe’s Sovereign Debt Crisis Hurt The Euro
The euro dropped to a four-year low of US$1.1954/euro in Tokyo’s market from US 1.1967/euro in New York on 4 June, breaching the US$1.20/euro level on concern over a deepening sovereign debt crisis in Europe. On 3 June, Hungary’s new government, which was sworn in on 5 June, warned that the country’s was facing a Greece-like financial meltdown and it may have to revise upward its budget deficit forecast massively. A former finance minister also said that the deficit could reach 7-7.5% of GDP, about twice as much as planned for 2010 by the previous government.
The World Economy... - 7/6/2010
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