The common currency of the European Union dropped near its lowest value in eight weeks on Monday as concerns re-emerged about Greece, the emblem of damages caused by the sovereign debt crisis, Bloomberg reports.
The two-time international bailout aid recipient's security within the 17-nation euro bloc has come in question again as the Aegean nation is viewed as a vulnerability to the region. The monetary unit dropped against all 16 of its top rival currencies.
The market is increasingly losing confidence that Greece might get its extended bailout money because the governing coalition is unraveling or disagreeing more and more," strategist Imre Speizer with Westpac Banking Corp. in Auckland told the news source. "We've seen the euro fall and it looks like it wants to go lower."
Greek Prime Minister Antonis Samaras told his New Democracy Party on Sunday that austerity measures, which are required prior to disbursal of bailout funds, will no longer be tolerated by Greece.
Also pulling down the euro on Monday is uncertainty about Tuesday's U.S. election, which sees a tight race between President Barack Obama and challenger Mitt Romney as interest is gravitating toward the U.S. dollar, according to Reuters.
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