The common currency of the European Union backtracked on Wednesday after news broke about an anonymous German official's commentary doubting prospects for success at Thursday and Friday's summit, according to Reuters.
The bright optimism of the past several days slid along with it as the anonymous official criticized government leaders who are failing to understand the gravity of the situation in the euro zone. Germany's voice is especially strong in the euro zone as it is the top economic power. German Chancellor Angela Merkel has been leading the effort to arrive at a solution to the debt scourge, for which a more positive outlook was apparent.
Also set for Thursday is a decision from the European Central Bank regarding interest rates.
"Some people are also preparing for the ECB to announce something more drastic," currency research head Ulrich Leuchtmann with Commerzbank told Reuters before news broke about the commentary from the anonymous German official.
UPI reports U.S. Treasury Secretary Timothy Geithner, who was sent to the summit by U.S. President Barack Obama, said investors' confidence for conducting business with governments and banks will signal the scourge is over.
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