Euro slides as Greek fears cast shadow

The euro moved off a seven-week high against the dollar on Monday as investors grew nervous about the lack of an outcome on talks between Greece and its creditors to restructure the nation’s debt, the FT reports. The single currency slid 0.9 per cent to $1.3111, while the dollar gained ground against other significant currencies amid the lower risk appetite. The retreat in the euro’s value came as European Union leaders met in Brussels for a summit to finalise a treaty that would impose tighter fiscal rules on eurozone nations. Separately, the FT reports that a general strike brought widespread disruption to Belgium on Monday, just as European Union leaders converged on the country’s capital for the summit. Trains, shipping, air travel and public transport were all hit by the trade union action, called in response to reforms enacted hastily by the new government of Elio Di Rupo. Union leaders said the strike was not explicitly targeted at the EU summit, though they decry the bloc’sausterity policies which they see as harmful to workers. The FT also notes that Greece will struggle to meet its target for assets sales even by the already delayed deadline of 2017, the country’s privatisation adviser has said, highlighting the country’s struggle to return to solvency amid a wilting domestic and European economy. As part of its first bail-out package, Greece promised to sell €50bn of real estate and other assets by 2015, subsequently renegotiated to 2017.