Euro Rises To 2-month High Against Dollar

Published February 7, 2012 5:18PM (EST)

NEW YORK (AP) — The euro rose against the dollar on expectations that Greek politicians will agree on a new cost-cutting plan.

Greece needs to agree on new austerity measures in order to receive more bailout cash. Without the money, Greece could default on its debt next month. A default could hurt European banks and disrupt financial markets.

Greek politicians are expected to meet late Tuesday evening.

The euro is up to $1.3240 in midday trading from $1.3125 late Monday. The euro rose as high as $1.3269 earlier in the day, its highest point since Dec. 12, 2011.

The dollar was also falling against the British pound, Swiss franc and Canadian dollar. But it is rising against the Japanese yen.

By Salon Staff

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