The euro showed signs of recovery this morning after falling to a year-long low of US$1.3143 as investors turned to the relative safety of the US dollar amid more debt turmoil in Europe yesterday. European leaders are currently in discussion on how best to prevent Greece from defaulting on $13 billion in debt payments due May 19th.
Germany has been the primary obstacle to a bail-out agreement but earlier this morning, it was announced that Germany had approved a bailout that would provide Greece with emergency funding by May 7th.
Source: Associated Press
