March 18, 2013 / 8:26 PM / 4 years ago

Euro pares losses as Cyprus given more flexibility on bank levy

1 Min Read

NEW YORK, March 18 (Reuters) - The euro trimmed some losses against the dollar in late afternoon trade on Monday after a Greek Finance Ministry source said the Eurogroup will give Cyprus more flexibility on bank levy.

The euro last traded at $1.2957, down 0.9 percent on the day, and recovering slightly from a low around $1.2939 before the news.

The euro had come under heavy pressure after a Cypriot plan to tax bank deposits as part of an EU bailout deal sparked fears the euro zone's larger troubled economies such as Spain and Italy may follow suit.

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