Monday saw the value of the 17-nation shared currency fall against the world's reserve currency amid widening preoccupations with Greece and the financial noose tightening around it, according to Reuters.
Leaders of the Aegean nation are conducting negotiations to prevent the onset of a default on loan obligations, which analysts and observers fear would cause significant damage in the euro zone and to international markets. The nation is working on receiving its second tranche of bailout aid, which is coming from the International Monetary Fund and the euro zone.
"Over the last two-three weeks, given risk assets were well bid, there was a tendency to see the glass half full and assume the negotiations would go smoothly," FX strategy head Chris Turner with ING told Reuters.
Observers are keeping a close eye on March, a due date for bond repayment.
The bailout package that Greece has been awarded is worth the equivalent of $169.7 billion.
Greece, Ireland and Portugal – all of which already have received bailout aid – had skyrocketing debt during the third quarter of last year, according to The Associated Press.
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