Market panic returns on Greek contagion fears as euro falls below $1.30; Economic outlook not all gloom
May 5th, 2010 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Panic returned to markets on Monday despite the weekend EU-IMF €110bn bailout of Greece. The euro fell below the $1.30 level in New York and fears of Greek contagion and restructuring of debt in four or five of the embattled economies of the 16-member country Eurozone, were exacerbated by news of a fall in German retail sales in March and a slowing of manufacturing in China. However, the economic outlook is not all gloom.