euro

David Cameron will warn Angela Merkel today the eurozone's future is in grave peril unless she orders action to rescue struggling economies such as Greece and Spain.

German Chancellor Angela Merkel and other senior European Union (EU) officials last night called on Greece to shelve plans to quit the single currency and urged it to see out its austerity programme.

Greece will stay in the euro despite on-going political instability as the potential economic fallout from its exit would significantly hit global markets, a fund manager has said.

PANCAKES

Europe's single currency reached a 15-month low against the dollar following a French bond auction which saw almost all of the €8bn of debt targeted being sold.

A draft prospectus providing details of securities which may be created by the EFSF has acknowledged the breakup of the euro in its list of risk factors.

Heavy selling of the euro saw it tumble through the $1.30 mark versus the US dollar late this morning to its lowest level since early January.

The German central bank told me in no uncertain terms last week it was not printing Deutsche Marks, despite growing speculation - and a number of sources - pointing to the contrary.

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