Euro slides as finance ministers struggle to agree on Greek aid
City Index November 13, 2012 2:15 PM
<p>The euro has depreciated as finance ministers struggle to agree on how to manage Greece’s aid.</p>
The euro has slipped in forex trading this week to two-month lows as a draft document prepared for eurozone finance ministers indicates Greece should be given a two-year extension to meet its austerity goals.
This would add €32.6 billion (£26 billion) to the struggling Mediterranean nation's bailout.
Greek prime minister Antonis Samaras has been pushing for the deadline for the country to meet its budget target since he was elected earlier this year and recently indicated the matter was under serious consideration by international lenders.
Eurozone finance chiefs met in Brussels to discuss new targets for Greece based on the reports and will gather again on November 20th to come to a conclusion.
Greece passed its new tough budget for 2013 at the weekend (November 11th) and is now pushing to receive its emergency funding.
Mr Samaras has warned that without this next tranche of cash, the nation's coffers will run dry.
At 08:45 GMT today, the euro was 0.2 per cent lower versus the dollar to €1 buying $1.267 and the single currency depreciated by 0.2 per cent against the pound to £0.798.
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