Eurozone finance ministers concerned about euro's fall

08:53, June 08, 2010      

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Finance ministers from eurozone countries expressed concerns about the sharp falls of their shared currency euro as they gathered here for a monthly meeting on Monday.

"I am not concerned about the existing exchange rate. I am concerned by the abruptness of the fall of the euro," Luxembourg Prime Minister Jean-Claude Juncker, who chairs the eurogroup meeting of eurozone finance ministers, said on his arrival.

The euro fell to 1.1876 U.S. dollars on Monday, its lowest since March 2006, amid fresh anxiety about the spreading of debt crisis in the European continent after a leading Hungarian government figure said the country was in a "state comparable to that of Greece" and that "the bankruptcy of the state is close."

European major stock markets also plummeted at their opening today.

"I do not see any problem at all with Hungary. I only see the problem that politicians from Hungary talk too much," Juncker said.

The euro has shed some 15 percent of its value against the U.S. dollar in two months as the Greek debt crisis was feared to be spreading to other eurozone countries such as Spain and Portugal.

Echoing Juncker, Belgian Finance Minister Didier Reynders said the sharp fall of the euro is not desirable.

"What we must avoid is rapid and frequent fluctuations (of the euro's exchange rate)," he said.



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