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Eurozone finance ministers assure credible euro

05-18-2010 10:49 BJT Special Report: Europe's Debt Crisis |

Eurogroup President and Prime Minister of Luxembourg Jean-Claude Juncker chairs an eurozone finance ministers meeting at the European Council in Brussels May 17, 2010.  (Xinhua/Reuters Photo)
Eurogroup President and Prime Minister of Luxembourg Jean-
Claude Juncker chairs an eurozone finance ministers meet-
ing at the European Council in Brussels May 17, 2010.  
(Xinhua/Reuters Photo)
BRUSSELS, May 17 (Xinhua) -- The euro remains a credible currency despite its recent sharp decline due to fear of the Greek debt crisis spreading in the single currency area, eurozone finance ministers assured on Monday.

"We trust that the euro is a credible currency," Luxembourg Prime Minister Jean-Claude Juncker, who chairs the eurozone finance ministers' meeting, told reporters in the early hours of Tuesday.

Finance ministers from 16 European Union (EU) nations that share the euro met here on Monday for a monthly meeting as the euro hit a four-year low against the U.S. dollar earlier in the day.

The weak euro resulted from the fact that the markets remained unconvinced about a successful resolution of a spreading debt crisis in the Eurozone, although EU finance ministers hammered out a 750-billion-euro (926-billion-dollar) safety net in a desperate bid to shore up confidence a week ago.

Investors were also worried that possible bailouts of debt-burden countries and the decision by the European Central Bank (ECB) to buy government bonds may contribute to higher inflation.

Juncker dismissed the possibility of any price rise in the Eurozone.

"Price stability has been fully maintained in euro area over 11 years and will be equally maintained in the years to come," he said.

"This is a major feature of euro and a major asset for investments," he added.

Editor:Zhang Jingya |Source: Xinhua

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