Monday saw the epic dive of the shared currency of the European Union continue as the monetary unit responded to the downgrade of nine euro zone nations by plunging to the world's reserve currency and the Japanese yen, according to Reuters.
The euro neared its lowest value in 17 months against the U.S. dollar and its lowest value in 11 years against the yen of Japan. While the credit ratings of France and eight additional economies were cut by Standard & Poor's, discussions between Greece and its creditors disintegrated, instilling a fear of damaging fallout as the Aegean nation once again faces the prospect of an ugly default.
"There are a lot of risks to the euro, including the Greek debt talks," currency strategist Chris Walker with UBS AG in London told Bloomberg. "The ECB has come in earlier than they usually do, and that's stabilizing things a bit. We still see euro-dollar grinding lower."
France's economy is second to only that of Germany for size in the euro zone as the two nations spearhead discussions about topics economic, financial and fiscal.
France was preparing to sell debt after the credit rating slashes to its economy and those of nine other nations, according to Bloomberg.
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