TIRANA TIMES
TIRANA, May 25 – While the common European currency has been loosing ground just about everywhere else, it has been holding stable in Albania, where the local currency has not been able to gain ground against the euro.
Part of the problem is the weakness of the lek itself which has lost ground against the dollar as well.
The official Bank of Albania rates during the week hovered around USD / LEK 110.22, EUR / LEK 136.95, GBP / LEK 159.22, CHF / LEK 95.15
Germany’s parliament just approved the country’s contribution to a $1-trillion aid package to protect debt-ridden European countries and stabilize the euro currency.
German Chancellor Angela Merkel warned lawmakers the measures were necessary to save the euro and Europe.
It’s our historic task, she said. If the euro fails then Europe fails, she added. But, she said if this crisis can be overcome both the currency and Europe will be stronger than before.
Analysts warn that bailout packages alone will not be enough to stabilize the euro. They say tougher measures to regulate public spending in individual countries are needed.
