Euro Weakens as Finance Chiefs Fail to Offer Plan for Greece

The euro weakened for a second day against the dollar and yen after European officials failed to offer a plan to halt the region’s debt crisis and as Greece struggles to avoid default.

The 17-nation currency approached a 10-year low versus the yen before European Union and International Monetary Fund officials speak today with Greek Finance Minister Evangelos Venizelos to judge whether his government is eligible for its next aid payment. The dollar rose against all its major counterparts as stocks declined, spurring demand for safer assets. South Korea’s won slid to a six-month low as concern Greece will default damped demand for emerging-market assets.

“With little progress, and still plenty of uncertainty, the market will remain nervous” about the situation in Greece, said Adrian Schmidt, a currency strategist at Lloyds Banking Group Plc in London. “That should weigh on euro-dollar.”

The euro depreciated 0.9 percent to $1.3670 at 7:11 a.m. in New York, almost erasing last week’s 1 percent gain. The currency weakened 1.1 percent to 104.79 yen, after sliding to 103.90 on Sept. 12, the lowest level since June 2001. The dollar was little changed at 76.67 yen.

The Dollar Index, which tracks the U.S. currency against those of six major trading partners including the euro, yen and pound, advanced 0.7 percent to 77.098.