Greece May Renounce Euro

The euro posted the biggest drop in a year after speculation that Greece may refuse using the shared 17-nation European countries renewed concerns for stability of the Eurozone.

Greece’s Finance Ministry denied these rumors, saying that the country isn’t considering to stop using the euro as its currency. The unscheduled meeting of the European financial officials to discuss the restructuring of Greece’s debt will be held today in Luxembourg. Greece will be likely asking to ease terms of the bailout.

The euro slumped heavily against the dollar as the US
non-farm payrolls were much better than anticipated. The performance of the shared European currency against the yen was somewhat better, but still the euro erased its gains and ended the day losing versus the Japanese currency.

EUR/USD closed at 1.4314, slumping from 1.4536. EUR/JPY closed at 115.44 after rallying from 116.41 to 117.59.

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