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Euro falls against dollar on Greek default fears

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The Associated Press Updated 4:01 PM Friday, February 10, 2012

NEW YORK — The euro fell sharply against the dollar Friday on fears that Greece won't be able to avoid a default.

Greek leaders said Thursday that they agreed on new cost-cutting plans needed to receive a $172 billion bailout from its lenders. But European officials say that more cuts need to be made.

If Greece doesn't meet Europe's demands, the country won't get the cash and could default on its debt next month. A default would cause losses for European banks and disrupt financial markets.

The euro fell to $1.3170 in late Friday from $1.3290 late Thursday. On Thursday, the euro jumped to a 2-month high of $1.3321 after the deal was announced.

The dollar was mixed against other currencies.

The British pound fell to $1.5740 from $1.5824. The dollar rose to 0.9175 Swiss franc from 0.9120 Swiss franc and to 1.0022 Canadian dollar from 99.50 Canadian cents.

But the dollar fell to 77.60 Japanese yen from 77.66 yen.

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February 10, 2012 08:56 PM EST

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