Euro Hits 16 Months' Low against US Dollar

The euro has sharply fallen below 1.28 US dollars Thursday, reaching a low unparalleled for the last 16 months, report agencies.

Thursday the common European currency (EUR) was traded for USD 1.2797, which is its lowest value since September 13, 2010.

In the past months investors have been increasingly worried whether EU leaders will be able to manage a deep financial crisis that has grappled the eurozone.

International credit rating agencies have announced they might have to downgrade the credit ratings of eurozone countries, and have already done so for some of their major banks.

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