Eurozone interest rates cut

3 November, 2011


The European Central Bank has cut Eurozone interest rates to 1.25%, amid chaos in Greece and the G20 summit.

The move was not unexpected but has weakened the Euro slightly, giving better rates for sending Euros abroad. Sterling is also up today against the US Dollar, amid chaos in Greece where Prime Minister Papandreou is shortly expected to offer his resignation while talk of a Eurozone referendum on December 4th means the future of Greece in the Euro and contagion of debt crises hangs in the balance.

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