Wall Street JournalNovember 23, 2010
The euro is facing "an extraordinarily serious situation" in the wake of Ireland's debt problems, German Chancellor Angela Merkel said Tuesday, sparking an abrupt fall in the shared currency's value on foreign-exchange markets.
The euro has been under pressure for several weeks amid concern over economic strains in Ireland. The euro-zone member now looks set for help from the International Monetary Fund and European Union after officially asking for a rescue package over the weekend, but that has failed to prevent the currency's fall.
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