Euro slips below 99 cents for the first time in over two decades
Euro hits two-decade low
After Russia announced last weekend that Nord Stream 1 gas pipeline will remain shut indefinitely, the Euro on Monday slid below 99 cents for the first time in over 20 years.
Reportedly, the major currency of Europe dropped as much as 0.7 per cent to 98.80 US cents on Monday. Meanwhile, Euro Stoxx 50 futures was down 3.3 per cent.
“Euro has more downside given the full impact from the indefinite cut in Russia gas supply to Europe is yet to come. No gas means no growth and a hawkish ECB." a banking expert remarked on the situation.
Read more:Gazprom's halt of Nord Stream 1 pipeline plunges Europe into a gas crisis
Over the weekend, European nations have announced a series of measures to arrest the slide and tackle the burgeoning inflation and cost-of-living crisis.
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Germany led the pack as its ruling coalition agreed on a $65 billion inflation relief package. This is the third relief package to be doled out by the German government which takes the total to $95 billion.
This particular relief package will include tax breaks for energy-intensive companies and cheap public transport for the citizens.
Read more:Germany agrees on $65 billion relief package, to include tax breaks and one-off payments
As reported extensively by WION, Gazprom, the Russian-state-owned gas company, last Friday announced that the pipeline will not open on Saturday, after the three-day maintenance period that started on August 31.
In a statement, Gazprom indicated it had discovered "oil leaks" in a turbine during a planned three-day maintenance operation and that "until it is repaired... the transport of gas via Nord Stream is completely suspended".
The pipeline which runs from Russia to Germany under the Baltic Sea is the lifeline of the European countries. Despite being against Russia since its invasion of Ukraine, the European countries have remained toothless against Moscow which has used its position of dominance to circumvent the sanctions.
After the halt, many countries in the 27-nation bloc fear that Russia may not resume the supplies in the foreseeable future as well which could further send Euro into a tailspin.
(With inputs from agencies)
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