NEW YORK (AP) — The euro is falling against the dollar after finance ministers from the world’s 20 leading economies said that they would not add money to the International Monetary Fund until the European Union puts up more money to stave off its debt crisis.
The euro fell to $1.3398 in afternoon trading Monday from $1.3459 late Friday. The euro rose to an 11-week high of $1.3486 on Friday.
The IMF wants to raise about $500 million in new funds to help struggling countries, mostly in Europe. With the G-20 not willing to add cash, traders are concerned that Europe’s debt crisis might drag on further. The G-20 nations met over the weekend in Mexico.
The dollar was also rising against the British pound and the Swiss franc.
