Euro currency exchange still weak

The euro's presence in currency exchange markets is still suffering from Greece's weak fiscal policy.

Greece's troubled economy is continuing to pull down the single European currency, which dropped to a value of less than 87 pence for one euro at 10:00GMT today (January 18th).

The currency fell against nearly every major world currency and remained at a four-month low against sterling.

Gains in sterling have widely been attributed to its positive comparison against the poor euro performance.

Michael Hewson at CMC Markets told Reuters: "It is symptomatic of the problems in the euro zone that sterling is performing better."

Greece remains under political criticism from other European countries as it struggles to take control of its public finances.

The country's budget deficit has reached 12.7 percent, twice that of the average of the other 15 countries which operate euro as their currency.