Euro slumps to dollar
THE euro dropped to its lowest level against the US dollar for more than a year as a coalition of global banks issued a warning about the situation in Greece.
The Institute of International Finance (IIF) banking lobby said the wider debt crisis remained as "intractable as ever".
It warned that other weakened countries were vulnerable to any disorderly default by Athens.
A deal to impose a loss of 50pc on Greece's bonds is expected before the end of this month.