European finance ministers got help from Washington on Saturday in their endeavours to prevent the euro's rise getting out of hand. In an interview transcript released overnight, U.S. Treasury Secretary Henry Paulson said he believed in a strong dollar -- confirming a line Europe had been striving to convey to currency markets where the euro keeps rising versus the dollar and yen.
The comment plugged a hole in the message European officials made during two days of talks in Berlin on Friday and Saturday, namely that financial markets risked getting burned in exchange rate bets that are driving the euro to record levels against the dollar and the Japanese yen.
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