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Euro hits three month low

19 March 2013

The euro fell to a more than three-month low against the US dollar and a roughly two-week trough versus the yen on Monday, as a bailout plan for Greek Cyprus that will tax bank deposits spurred contagion worries in the euro zone.

The speaker of Greek Cypriot parliament said lawmakers will vote on the plan Tuesday, postponing the vote by a day, as the government works on a plan to soften the blow for those people with smaller savings.

Analysts said any changes to help smaller depositors could limit euro losses, but that overall the euro would remain vulnerable.

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