Europe’s single currency, which has been under mounting pressure as Greece’s debt crisis unravelled, weakened today after the country’s Prime Minister George Papandreou asked US President Barack Obama to assist with fixing Greece’s economic problems by imposing stricter regulations on hedge funds and currency traders. Papandreou said that the situation could lead to another economic downturn and the consequences of a weaker euro would spread far beyond the euro zone, leading to a rising US trade deficit as a result of a weaker euro.
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