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12.05.2011 17:02

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The euro erased a decline against the dollar as Lucas Papademos, a former European Central Bank vice-president who’s now an adviser to the Greek government, said that restructuring the country’s debt is not necessary.
The shared currency earlier slid versus the greenback after officials from the European Union, European Central Bank and International Monetary Fund began yesterday their fourth evaluation of Greece’s economy.
EU Economic and Monetary Affairs Commissioner Olli Rehn said the delegation will need “a few weeks” to determine Greece’s financing needs and the potential size of any new aid.
“The market is really focused on the Greek situation and any euro bounces are an opportunity to sell,” said Greg Salvaggio, senior vice president of capital markets at currency- trading firm Tempus Consulting Inc in Washington. “There is a 70 percent chance they will have to restructure Greece’s debt, and that would open Pandora’s box.”
The yen strengthened against most of its major counterparts as falling commodities and stocks prompted investors to unwind bets on higher-yielding assets.
Australia’s dollar was among the worst performers versus the greenback as China raised its banks’ reserve requirements to restrain prices, adding to the likelihood its growth will slow, and raw materials slid for a second day. The euro touched the lowest level against the dollar in more than six weeks as concern persisted that Greece will have to restructure debt.
“With commodities coming off, equities coming off, you’re going to see risk aversion, and you’ll see the dollar and yen benefit,” said John McCarthy, director of currency trading at ING Groep NV in New York. “The euro still looks quite heavy.”

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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