Euro hits fresh lows ahead of EU meeting

Date: Monday 15 Feb 2010

The euro came under pressure, falling to fresh 9-month lows against the dollar, as doubts remain over Greece’s future ahead of a meeting between euro zone finance ministers tonight.

Euro zone finance ministers are meeting on Monday and Tuesday and are expected to come up with a more detailed plan to ease the country's debt crisis.

Comments from Olli Rehn, the EU Commissioner for Economic and Monetary Affairs, put extra pressure on the currency. Rehn warned that Greece would need to take further steps to cut its mounting debt.

‘There is a clear case for additional measures,’ he said. ‘We expect that in due course the Greek government will take the necessary additional measures.’

The meeting comes after European leaders pledged to help Greece but failed to explain how exactly it will be done last week.

Instead of presenting a solid rescue plan, the EU resorted to a vague promise to take ‘determined and co-ordinated action if needed’ to help the country.

The euro and stock markets on the Continent also fell on Friday as economic figures showing that the euro zone expanded by just 0.1% in the fourth quarter of 2009 added to the gloom.

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