The foreign exchange rate of US dollar was stable against the Kuwaiti dinar, at 0.279 per US dollar on Monday, while the euro dropped to reach Kuwaiti dinar 0.353 compared to last Thursday’s prices.
The Central Bank of Kuwait’s daily bulletin reported the rate of the sterling pound at 0.428, the Japanese yen unchanged at 0.003, and the Swiss franc unchanged at 0.292.
Meanwhile, regarding Europeans’ effort for resolving the debt and financial crises, German Foreign Minister Guido Westerwelle announced negotiations between Greece and the creditor banks to reduce the country’s debt might face difficulties.
A meeting will gather German Chancellor Angela Merkel and French President Nicola Sarkozy in the aftermath of reducing the credit rating of France.
Italy paid around the half of its total payments of last month, especially after failure to have a commitment to the allowed limit set for the county in the year 2011, concerning the reduce of expenses, which caused economic recession.
Credit rating agency Standard and Poor’s (SP’s) announced in a statement the futility of all the initiatives proposed by the European legislator to face the continued institutional pressure in the European region.
The European regions are facing now extra pressure like the impose of further restrictions on the debt and the high value of the premiums for a number of countries pushed the euro to fall.