Investiční bankovnictví (Komerční banka)
World markets  |  July 24, 2012 07:09:00

Escalating European debt crisis precipitated the value of the euro


Euro against the dollar yesterday dropped to the weakest level in more than two years. At the end of yesterday's European and U.S. sessions euro fell to just below 1.2070 CZK / EUR exchange rate thus reached below the mean value for the existence of the euro. Against the yen, the course of the common European currency fell to its lowest level in 11 years.

Euro precipitated an escalation of the European debt crisis. Despite the recent approval of financial assistance for the Spanish banking sector, it seems that official assistance will eventually need the Spanish government itself. Already six Spanish regional governments probably will ask the central government for financial assistance. Yield of ten-year Spanish government bond climbed yesterday to the highest level in the history of the euro area, reaching 7.565%.There were also more bad news from Greece, which, because of non-compliance set fiscal targets and applications for softening conditions will require additional financial aid package, which is estimated at 60 billion euros. Spain and Italy have issued a ban then speculate on the decline in its shares.

Today brings important data activities of the sectors of industry and services in various European countries and the euro area as a whole. The data should confirm that the turbulent and stressed financial markets negatively affect activity in these sectors and thus the growth prospects of the euro area economy. For the euro, of course, bad news. Without economic growth, the solution to the debt crisis becomes further difficult.

Author: Jan Vejmělek

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