Euro Reaches 13-Month Low as Credit Crisis Spreads to Europe - Bloomberg - GoFuckYourself.com

xmas13 · 10-05-2008, 05:07 PM

http://www.bloomberg.com/apps/news?p...7I&refer=japan

The euro slid to a 13-month low against the dollar as European governments rushed to support financial institutions in the region hit by the widening global credit crisis.

The 15-nation currency also fell to the lowest in more than two years versus the yen as German Chancellor Angela Merkel said the government will guarantee personal bank deposits to shore up confidence in the banking system. Germany, the euro region's largest economy, will also join with banks and insurers to bail- out property lender Hypo Real Estate Holding AG, while Belgium announced a deal to rescue Fortis, the largest Belgian financial-services firm after an earlier rescue failed.

The euro declined to $1.3670 at 8:15 a.m. in Tokyo from $1.3772 late in New York on Oct. 3. It earlier reached 1.3617, the lowest since Sept. 5, 2007. The euro fell to 142.65 yen, the weakest since May 22, 2006, and traded at 143.29 yen from 145.11 yen. The dollar bought 104.88 yen from 105.32 yen.

The German government and the country's banks and insurers agreed on a 50 billion euro ($68 billion) rescue package for commercial property lender Hypo Real Estate Holding AG after an earlier bailout faltered.

"..."

Pleasurepays · 10-05-2008, 05:21 PM

only in America

sigurman · 10-05-2008, 05:29 PM

I am suspecting this week comes public a major european bank needs "help".

andrej_NDC · 10-05-2008, 06:02 PM

Following it daily and loving the weak euro. I'm glad I moved all my savings into USD when it was at 1.60, I'm lucky, I guess.

WarChild · 10-05-2008, 06:10 PM

Who was that guy that said recession is going to hit the EU harder and before it does the United States?

Oh that's right, me. >bow<

andrej_NDC · 10-05-2008, 06:17 PM

Quote:

Originally Posted by WarChild

Who was that guy that said recession is going to hit the EU harder and before it does the United States?

Oh that's right, me. >bow<

It is hitting both economics equally, as both depend on each other.

10-05-2008, 05:07 PM	#1
xmas13 Confirmed User Join Date: Dec 2004 Location: GFY Posts: 5,176	Euro Reaches 13-Month Low as Credit Crisis Spreads to Europe - Bloomberg http://www.bloomberg.com/apps/news?p...7I&refer=japan The euro slid to a 13-month low against the dollar as European governments rushed to support financial institutions in the region hit by the widening global credit crisis. The 15-nation currency also fell to the lowest in more than two years versus the yen as German Chancellor Angela Merkel said the government will guarantee personal bank deposits to shore up confidence in the banking system. Germany, the euro region's largest economy, will also join with banks and insurers to bail- out property lender Hypo Real Estate Holding AG, while Belgium announced a deal to rescue Fortis, the largest Belgian financial-services firm after an earlier rescue failed. The euro declined to $1.3670 at 8:15 a.m. in Tokyo from $1.3772 late in New York on Oct. 3. It earlier reached 1.3617, the lowest since Sept. 5, 2007. The euro fell to 142.65 yen, the weakest since May 22, 2006, and traded at 143.29 yen from 145.11 yen. The dollar bought 104.88 yen from 105.32 yen. The German government and the country's banks and insurers agreed on a 50 billion euro ($68 billion) rescue package for commercial property lender Hypo Real Estate Holding AG after an earlier bailout faltered. "..." __________________ ICQ 557504926

10-05-2008, 06:10 PM	#5
WarChild Let slip the dogs of war. Industry Role: Join Date: Jan 2003 Location: Bermuda Posts: 17,263	Who was that guy that said recession is going to hit the EU harder and before it does the United States? Oh that's right, me. >bow< __________________ .

10-05-2008, 05:21 PM	#2
Pleasurepays BANNED - SUPPORTING TUBES Join Date: Aug 2002 Location: I live in a pile of boogers Posts: 11,913	only in America

10-05-2008, 05:29 PM	#3
sigurman Confirmed User Join Date: Sep 2004 Location: WWW Posts: 665	I am suspecting this week comes public a major european bank needs "help".

10-05-2008, 06:02 PM	#4
andrej_NDC Registered User Industry Role: Join Date: May 2004 Posts: 7,760	Following it daily and loving the weak euro. I'm glad I moved all my savings into USD when it was at 1.60, I'm lucky, I guess.