Monitoring Desk: Euro currency is crashing to ground and it slides to lowest position in last 11 years after announcement of European Central Bank on Thursday that Europe will print and inject a total of €1.14 trillion into the economy over the next two years, reports Dispatch News Desk news agency.
After crushing Russian Ruble, US dollar is denting Euro and gaining its ruling position over other currencies.
One of the major factors played for Euro crash on Monday is election result in Greece where anti-austerity party Syriza won on Sunday. Syriza has promised people to renegotiate private and public debts and stop austerity campaign immediately. It is clear that Greeks are not ready to pay back debt anymore and ready to leave Euro currency zone if push further to continue austerity campaign.
RT Russia reported that Greece received €240 billion ($269 billion) in bailout funds. The economic ‘haircut’ has meant major budget cuts and tax increases, which after six years of deep economic recession, have only just started to boost economic growth.
“The EU was destroying its people of one its member states with the idea of trying to save it. Nothing worked, the country is in a catastrophe,” reports RT Russia quoting Leonidas Chrysanthopoulos, a former Greek diplomat.
“The euro fell 8.94 percent to €1.1105 per 1 USD on the opening of trading Monday as investors and creditors are worried the new government will fail to pay off the country’s €317 billion debt” Bloomberg reported.
It may be mentioned that the euro has lost 7.7 percent against the dollar this year, making it the worst performer of all the hard currencies including Russian Ruble that fell at the end of 2014.
Eurozone finance ministers are holding discussion in Brussels to deal with slide but nothing looks practical to stop nose down slide of Euro for next couples of months.