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Migrant crisis: How Italy is training Libyan coast guards

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Slapstick, stunts and a sweet 'pas de deux' in the streets of Paris

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'Turkey is the biggest jail for journalists in the world'

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'The Evolution of the Presidential Portrait'

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A sweeter pill to swallow: Fillon unveils revamped healthcare policies

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BUSINESS DAILY

1.5 million fewer tourists visited Paris in 2016

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Euro breaks record $1.60 mark

Latest update : 2008-04-22

The dollar dropped to a new low against the European single currency, as new data point to the US property market slump caused by the subprime mortgage crisis.

The euro jumped to a record 1.6002 dollars here Tuesday after weak US housing market data added to fears over the health of the US economy.
   
The dollar fell after a report showed that sales of existing US homes fell 2.0 percent in March, underscoring the extended slump in the housing market in the fallout from the subprime home loan crisis.
   
The National Association of Realtors said the annualized sales pace was 4.93 million, weaker than the 4.95 million expected by Wall Street economists.
   
The report also showed a 19.3-percent plunge year-over-year in existing home sales, the largest segment of the housing market.
   
The data reflected a meltdown in the property market after years of sizzling growth and a speculative bubble.
   
The boom-and-bust has slammed the entire economy, leading to rising foreclosures and massive losses for banks, and threatening to drive the US economy, the world's largest, into recession this year.
   
 

Date created : 2008-04-22

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