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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Euro slumps to two-month low after Irish bailout AFP - Tuesday, November 30 Send IM Story Print Euro slumps to two-month low after Irish bailout LONDON (AFP) - – The euro hit a new two-month low on Monday and equities struggled, as Ireland's bailout failed to ease eurozone debt concerns, with the safe-haven greenback also boosted by Korea tensions, dealers said. In late morning London deals, the single currency plunged to 1.3160 dollars, striking the lowest point since September 21. The European Union and International Monetary Fund on Sunday agreed to an 85-billion-euro (113-billion-dollar) deal for Ireland, but the initial boost the announcement gave the euro faded on worries Spain and Portugal could be next in line. Europe's main stock markets mostly fell, with Frankfurt losing 0.77 percent, London down 0.56 percent, Madrid erasing 1.20 percent and Paris shedding 0.99 percent. Related article: Irish banks handed immediate 10 billion bail-out Dublin meanwhile jumped 0.83 percent higher as Irish investors applauded news of the bailout. "The market's gaze remains fixed on events playing out in Europe as well as on the Korean peninsula, with European ministers finally agreeing on a bailout for Ireland, while South Korean forces remain on high alert," said CMC Markets analyst Michael Hewson. Traders remain fearful of a so-called "domino" effect following the bailouts of Greece and Ireland, as investor confidence is under threat in other fiscally-challenged eurozone nations. "Eurozone debt and banking crisis still dominates market focus with risk of intensifying contagion as the 'dominoes' collapse," added VTB Capital economist Neil MacKinnon. He added that there was also "an increase in the scope and cost of prospective bailouts ending in debt restructuring and default." "The euro can only weaken in this environment especially if there is a scramble for dollar liquidity going into the year end." Related article: Ireland PM says 'best deal available' Germany's finance minister on Monday slammed market speculation over the financial woes of Portugal as irrational, as he hailed a rescue deal for Ireland that he said would bring Dublin back on track. "The speculation on the international financial markets can barely be explained rationally," Wolfgang Schaeuble told German radio station Deutschlandfunk. Countries are put under pressure, leading to "fear effects," Schaeuble said. "The markets can make a lot of money in this way," he added. Portugal "is under pressure at the moment and therefore it is important that Portugal implement the measures" announced to reduce its deficit, the minister said. Irish Prime Minister Brian Cowen faced a backlash Monday for agreeing the EU-IMF bailout for his debt-laden nation, amid outrage at what opposition politicians and the press condemned as a "sell-out." Cowen insisted the bailout was the "best deal available" for Ireland and will help shore up its banks, allowing his government to continue operating without imposing further tax rises or spending cuts. But the main opposition Fine Gael party called the agreement "appalling," insisting the 5.8 percent annual interest rate on the loan was unaffordable and condemning plans to raid Ireland's pension fund reserves to help pay for it. Aside from eurozone woes, investors are mindful of simmering Korean tensions after a deadly exchange of cross-border fire last week. Timeline: Irish financial crisis In earlier Asian deals, hopes for the US economic recovery helped soothe investor sentiment. Hong Kong rallied 1.26 percent and Tokyo rose 0.86 percent, with consumer electronic stocks like Sony buoyed by signs of a strong US shopping season and a firmer dollar also providing support. However, Shanghai shed 0.19 percent in value, as concerns persisted about Chinese efforts to cool the mainland economy. The Seoul stock market, jarred by last week's deadly exchange of fire with the North and subsequent angry rhetoric, ended down 0.33 percent. Recommend Send IM Story Print News Search Top Stories Shareholders seal BA-Iberia merger WikiLeaks unleashes a flood of damaging US cables Euro slumps to two-month low after Irish bailout Euro hits two month low after Ireland bailout Election chaos in Haiti as candidates cry foul More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Britain's Prince William happy to wait for crown Obama gets 12 stitches after 'elbow in the lip' 'Naked Gun' star Leslie Nielsen, dead at 84 Brazil claims 'D-Day' victory on Rio slums Blasts kill Iran nuclear scientist, wound another More Most Viewed » 'Naked' airport scanners may be 'dangerous' EU fines 11 airlines 800 million euros for air cargo cartel Pilgrims stone 'devil' as Muslims celebrate Eid World leaders scramble for funds to save the tiger US, S.Korea plan war games after N.Korean attack More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! 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