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- EU focus: Euro tumbles on debt worries
EU focus: Euro tumbles on debt worries
Renewed worries about Greece debt and another sell-off in the commodities market drove the euro sharply lower on Wednesday and the selling continued today.
Speculation over whether Greece will receive more bailout funding kept risk appetite volatile as investors continued to price in a high probability that the country will eventually need to restructure its debt.
Comments from a German deputy finance minister that euro zone officials will debate Greece's debt crisis next week but that no decision will be taken added to uncertainty as markets fret over the potential for a Greek debt restructure.
Greece is not the only source of worry for investors, with Finland delaying a parliamentary vote on the EU's Portugal bailout plan to Friday from Wednesday because the country's second-largest party remained undecided.
The Finnish parliament's approval is important because it, unlike others in the euro zone, has the right to vote on EU requests for bailout funds.
Sterling fell today in correction after Wednesday it reached the highest since March 24 against the euro after the Bank of England raised its medium-term inflation forecasts, with markets now expecting a UK rate hike by year-end.
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