Euro continues to fall, plummets below $1.20 against U.S. dollar

Paris - A new survey taken with a number of economists suggests that they think the euro will cease to exist by the end of this Parliamentary term. The fear could continue as the euro dropped below $1.20 against the U.S. dollar.

On Monday, the euro continued its decline as fears persist over the Eurozone’s debt crisis. According to Wall Street Oasis, the euro fell 0.8 per cent against the U.S. dollar to $1.877 but later on in the morning trading session it gained back some of those losses. CNN Money reports that the euro closed below $1.20 for the first time in four years, which is where it was when it debuted on Jan. 4, 1999. The euro wasn’t the only thing to decline, however. European stock markets also fell over concerns about their debt crisis. Bond markets in the Eurozone, including Austria, Belgium and France, have all taken considerable hits, reports the Wall Street Journal. Market experts are watching quite closely to see the debt and declines spreading throughout the 16-nation currency bloc. Government intervention does not seem to be on the agenda from the 16-block euro leaders but, according to Asia One, finance ministers are planning to fix emergency government loan guarantees as they will negotiate new measures and guidelines. “When you don't respect the rules that replace government, because there isn't one, clearly we need to reinforce those rules,” said Jean-Claude Juncker, chairman of the group of finance ministers. “Without common and collective discipline, it's impossible to go on together.”