Euro slips amid Greek contagion fears

People look the exchange rates in a bank in central Athens. Europe's currency union faces an unprecedented crisis as markets and the euro currency have tumbled in recent weeks. File photo: AP.

The euro fell below 1.28 dollars to its lowest point in about 14 months on Thursday amid worries about Greece’s debt crisis spreading to other euro members.

Europe’s common currency slipped by 0.1 per cent to 1.2805 dollars in early trading amid investor worries that the Greek financial crisis could also hit other nations that have been struggling to clean up their state finances such as Spain and Portugal.

However, European stocks pulled back from big losses run up earlier this week with the benchmark Stoxx Europe 600 index edging down slightly to 250.40 as the trading day got under way.