The Colombian peso has fallen to a five-month low as demand for assets from emerging markets is weakened by the debt crisis in Greece, Bloomberg reported Monday.
One dollar was worth 1,837.59 pesos, at 10:16AM New York time, on Monday, a 0.9% drop from 1,821.41 Friday. “The peso is responding to fears of a Greek default,” said Jose Luis Alayon an analyst at Acciones y Valores brokerage firm in Bogota.
International monitors are to assess whether Greek Prime Minister George Papandreou can meet the conditions of rescue loans; Greece’s ability to avoid default is resting on this decision.
European Union and International Monetary Fund inspectors held a teleconference midday Monday (EST), with Greek Finance Minister Evangelos Venizelos, to judge whether the government is eligible for an aid payment due next month and is on track for a second rescue package approved by EU leaders on July 21.