ECONOMY

Euro declines as tension rises on Schaeuble’s warning to Greece

The euro fell against the dollar, ending two days of gains, as tension between Greece and its creditors over economic policy resurfaced.

The 19-nation currency declined versus all except one of its 16 major counterparts after German Finance Minister Wolfgang Schaeuble ruled out further concessions and said it’s up to Greece to commit to the reforms needed to release aid. European Union finance ministers plan to meet April 24 to discuss proposals from the cash-strapped nation. The euro touched its weakest level since January versus the Swiss franc.

“The language from Schaeuble and the default risks have come back to compromise any euro rallies,” said Jeremy Stretch, head of currency strategy at Canadian Imperial Bank of Commerce in London. “All things Greek continue to dominate.”

The euro declined 0.4 percent to $1.0642 at 10:13 a.m. London time. It gained 1.1 percent in the previous two days. The common gained 0.1 percent to 1.0319 francs, after falling to 1.02761, the weakest since Jan. 29.

[Bloomberg]