Euro falls to 14-month low $1.27

By ASSOCIATED PRESS
May 6, 2010 19:47

NEW YORK — The euro sank to a 14-month low below $1.27 on Thursday as markets expressed their lack of confidence in European leaders' ability to contain the debt crisis.

The European Central Bank did not offer more support to European countries struggling with debt and left interest rates unchanged at 1 percent.

The euro has been battered this week, dropping as much as 6 cents, or 4.5 percent, on fears that a planned €110 billion ($140 billion) bailout for Greece will not help the country manage its debt load in the long term, and that more aid may be needed for Portugal and Spain to keep from defaulting as bonds come due, borrowing costs remain high and their economies stagnate or decline.

It has been the sharpest weekly drop for the euro since October 2008, when the financial crisis drove investors to the safety of the dollar.


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