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Europe's pain as search for solutions continues

Friday, Nov 09, 2012 - 01:33

Nov. 09 - The euro dropped to a two-month low against the U.S. dollar on Friday and could extend losses as fears mounted that the euro zone's debt crisis and deteriorating economic conditions could drag down global growth. Matt Cowan reports.

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In Spain, facing eviction, a woman in her fifties commits suicide. It's the second tragic death of its sort here within the past two weeks. There've been a growing number of calls to "humanize" the laws surrounding mortgage foreclosure in the country (SOUNDBITE) (Spanish) JUAN CARLOS MEDIAVILLA, JUDGE ON DUTY IN BARAKALDO, SAYING: "We cannot be in situations where, because of an economic problem, we end up in such a crisis - It's not the first time it's happened." In Greece, the streets of Athens are strewn with trash as workers protest austerity measures. While European officials continue to grapple with the big picture, the story is already tragically bleak for some. So the news that growth is slowing in Europe's biggest economy - Germany - and that its second largest - France - may dip into recession only further clouded the economic picture. The euro hit a two month low against the dollar and Credit Agricole FX strategist Adam Myers says it's vulnerable to further losses. SOUNDBITE:Adam Myers, senior FX strategist, Credit Agricole saying (English) "I think it could go quite a bit lower before the end of the year. In fact, I wouldn't be surprised to see it breach 1.25. As you mentioned, there's quite a significant long list of risks. The interesting thing is that many of those things on your list were there before this latest fall in the euro, so I'm not sure why the market is so surprised." Despite the batch of gloomy data at home, European shares edged into positive territory by the end of the session as U.S data offered pleasant surprises. SOUNDBITE:Adam Myers, senior FX strategist, Credit Agricole saying (English) "I would expect that over the past two or three weeks, equity markets will stabilize and once we get to the new year, renewed demand will come and new highs will be made in the U.S. equity market. Euro zone finance ministers, called the Eurogroup, are to meet in Brussels on Monday where the main topic of their discussions will be unfreezing lending to Greece - money it needs desperately to pay off loans and shore up its banks.

Europe's pain as search for solutions continues

Friday, Nov 09, 2012 - 01:33

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