ASSESSMENTS
Europe: The Continuing Pain from Exposure to Emerging Markets
Feb 17, 2009 | 21:33 GMT
ATTILA KISBENEDEK/AFP/Getty Images
Summary
The euro fell as much as 1.8 percent against the U.S. dollar Feb. 17, to its lowest point in months, as investors panicked by Western European banks' exposure to emerging markets in Central and Eastern Europe sought shelter in the U.S. dollar. This exposure is creating acute problems for those banks heavily involved in the emerging markets — particularly Austria's banks.
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