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Euro slides on uncertainty over Greece, downgrade in Portugal

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Thursday, March 25, 2010

ECONOMY

Euro slides on news from Greece, Portugal

The euro tumbled to a 10-month low Wednesday as European leaders wrangled on the eve of a summit over how to help debt-stricken Greece, while Portugal, another vulnerable euro economy, suffered a cut in its credit rating from Fitch Ratings. The latest jitters underlined the risk of market contagion for European nations that share the euro currency.

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Diplomats said Germany and France were negotiating conditions in a last-resort support mechanism for Greece, with Berlin demanding a central role for the International Monetary Fund. France has resisted the IMF's involvement, but diplomats said that might be changing.

-- Reuters

ALSO IN BUSINESS

-- 1 million baby slings recalled: A recall of over 1 million baby slings made by Infantino was announced Wednesday after being linked to three infant deaths.

The Consumer Product Safety Commission said babies could suffocate in the "SlingRider" and "Wendy Bellissimo" soft-fabric slings and urged parents to stop using the slings immediately for babies younger than 4 months.

-- Daimler settles bribery charges: Daimler resolved criminal charges that it violated the U.S. Foreign Corrupt Practices Act, agreeing to deferred prosecution, according to court papers filed Wednesday in federal court in Washington. The company, accused of bribing officials in at least 22 countries in return for contracts, will pay a $93.6 million fine to settle the U.S. Justice Department probe. Daimler will also pay $91.4 million to the U.S. Securities and Exchange Commission, a person familiar with the litigation said Wednesday.

-- From news services


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