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The euro fell to a four-month low against the U.S. dollar Fridayafter Germany's finance minister said the market turmoil overEurope's debt crisis could drag on for up to two more years. The common currency later recovered, but European markets remainednegative after Spain's central bank said that the level of badloans on the books of the country's banks has risen to an 18-yearhigh. After Wolfgang Schaeuble s comments, the euro dropped as much as0.4 per cent to $1.26 US, but by late morning had rebounded totrade up 0.13 at 1.27. "In 12 to 24 months we'll have a calming of financial markets,"Schaeuble told French radio Europe 1. He also says it's vital that during this weekend's G8 summit outside Washington that Europe's leaders show the world they aremoving more quickly to stem the crisis that is jeopardizingeconomic recovery around the world. Schaeuble said the leaders "weren't good enough" over the past twoyears of unending crisis in Europe. "It's very important during the G-8 to show that Europe can achievecommon positions more quickly." In advance of the talks, German Chancellor Angela Merkel struck aconciliatory note this week. She said in a television interview this week that she was open tomeasures to help stimulate Greece's economy as long as the countryhonours its commitments to shrink its debts. Anti-austerity protesters demonstrate outside the headquarters ofthe European Central Bank in Frankfurt Friday. (Carsten Koall/Getty) The rising tide of bad loans led ratings agency Moody's InvestorServices on Thursday to downgrade 16 Spanish banks exposed to Spain's recession, a gloomy real estate market and highunemployment. Despite data from the Bank of Spain that the bad loan ratio amongSpanish banks had risen in March to 8.36 per cent from 8.15 percent the previous month, shares in Bankia, a recently nationalizedbank that is heavily laden with toxic real estate loans, reboundedalmost 24 per cent. It stock plummeted Thursday on a media report that depositors hadwithdrawn 1 billion ($1.3 billion Cdn) in the week since thestate took over. But European markets closed in the red, with London's FTSE 100 off1.39 per cent, Frankfurt's DAX dipping 0.65 per cent and the ParisCAC 40 down 0.13 per cent. The nervousness about Spain's banks comes as the eurozone financialcrisis intensifies. Political turmoil in Greece has increased the likelihood that itcould leave the 17-country monetary union, a move that could haveripple effects throughout Europe and the world's financial markets. Greeks go back to the polls June 17 after an election May 6 provedinconclusive. There are concerns that parties campaigning for an end to theausterity measures that have secured vital bailouts will be in astronger position after the vote. And today, European Commission trade commissioner Karel De Guchttold a Belgian newspaper that the Commission and the EuropeanCentral Bank are preparing contingency plans should Greece have toleave. With files from The Canadian Press and The Associated Press. The e-commerce company in China offers quality products such as China Artificial Turf Sports , China Synthetic Grass Tennis Courts, and more. For more , please visit Artificial Turf Athletic Fields today!
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