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Eurozone Chief Says Euro Still 'Credible'


Luxembourg Prime Minister and Eurogroup leader Jean-Claude Juncker (file photo)

Luxembourg Prime Minister and Eurogroup leader Jean-Claude Juncker (file photo)

The finance chief for the 16 countries that use the euro, Jean-Claude Juncker, says the euro remains a "credible currency."

Juncker was speaking after the euro briefly hit a four-year low against the U.S. dollar over continuing concerns that the debt crisis in the eurozone could hobble the global economy.

Juncker was talking to reporters at talks in Brussels between finance officials from the eurozone countries.

In another development, Greece is expected today to receive the first installment of some 80 billion euros ($99 billion) from fellow Eurogroup members and the International Monetary Fund (IMF) to prevent the country from defaulting on its massive debt.

EU economy commissioner Olli Rehn said Greece was expected to receive 20 billion euros in the first tranche, including 14.5 billion from euro member states.

"The first tranche for of the financial assistance for Greece is being transferred today, i.e. the 18th of May, and the IMF will do its part in parallel," Rehn said. "This are altogether 20 billion euros, out of which 14.5 from the euro area member states and 5.5 billion euros from the IMF."

The euro's exchange rate versus the U.S. dollar has fallen about 7 percent in the past month, and some 14 percent this year.

compiled from agency reports
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