Euro tumbles on back of Greece crisis

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The euro has tumbled this morning against other currencies because of the Greek debt crisis.

The euro is at an eight-year low against sterling, trading at about €1.42 to the pound and €1.10 to the dollar.

Markets have also been falling on news of the economic problems in Greece, with stock exchanges expected to take a hit when it opens later.

Peter Brown from the Institute of Investing and Financial Trading, said he did not expect a complete market meltdown, but predicted there would be jitters this week.

“The logic would suggest we don’t melt down too badly (but) we didn’t expect it would deteriorate to the extent where Greece would probably leave the eurozone,” he said.

“We’ve the referendum next Sunday and a whole week of markets to get through until then.”

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