Cyprus fears push euro lower against dollar

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Associated Press

Posted on March 19, 2013 at 11:02 AM

Updated Tuesday, Mar 19 at 11:02 AM

NEW YORK (AP) — The euro is falling against the dollar as investors await a vote in Cyprus on its highly unpopular bailout plan.

The euro fell to $1.29 in midday trading from $1.2948 late Monday.

Part of the plan is to take up to 10 percent of people's saving from banks in the small Mediterranean island nation. Investors are worried that savers will start taking their money out of banks across Europe, just like Cyprus residents did over the weekend when the plan was revealed.

A vote in favor of raiding a portion of bank accounts is needed in order for Cyprus to get $12.9 billion in rescue loans.

The British pound rose to $1.5123 from $1.5099.

The dollar fell to 94.88 Japanese yen from 95.42 Japanese yen.

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