Euro sinks to a nine-year low against the dollar - "Greeks up the Creek"

The euro slid to a nine-year low against the dollar on Monday. It fell by 1.2 percent to 1.1864 dollars – its weakest level since March 2006.

A two pronged force has led to the fall – last week’s comments from ECB President Mario Draghi that the bank could soon start quantitative easing and Greek political turmoil.

“We are seeing discussions about Greece as a leading subject for the media and for investors. But it is the fact that necessary reforms in France and Italy are not being pushed forward which leads to uncertainty for many investors. And that’s the reason why more money is flowing to the US, out of the eurozone,” said Christian Kahler analyst at DZ Bank, Frankfurt.

In 2011, 1.29 dollars marked the lowest level to which the euro fell. 2012 and 2014 marked new lows with the currency shedding nearly 12 percent against the dollar last year. Analysts fear the downward pressure on the euro will persist in the months ahead.

Athens could take centre stage in the euro drama as its voters head to the polls in three weeks time.

Read more: Euro sinks to a nine-year low against the dollar | euronews, economy