The crisis gripping Europe reflects a much larger problem: The world’s policy makers have fundamentally opposing views of how to manage their currencies and economies. Unfortunately, there’s no happy solution.
Argentina’s dollar-denominated debt dropped on speculation the government’s offer to pay defaulted debtholders on similar terms as past restructurings will spur a U.S. court to order the nation to pay in full.
The euro fell to the lowest level in five weeks against the dollar after European Central Bank council member Axel Weber said the region’s economy may need help from the central bank through the end of the year.
Emerging-market stocks fell, dragging a benchmark index to a two-week low. on concern Europe’s debt crisis will curb global economic growth after Fitch Ratings called the U.K.’s fiscal challenge “formidable.”
The euro gained for second day against the dollar and yen as stocks and commodities advanced on speculation the European Central Bank may announce plans tomorrow to stabilize the region’s debt markets.
The euro rose for a second day against the dollar and the yen after European policy makers announced a loan plan of almost $1 trillion to aid debt-laden governments and shore up the 16-nation currency.