Euro sinks to 21-month low as EU efforts fall short

The euro continued its extended fall against the dollar on Wednesday in advance of another meeting of European leaders designed to address the struggling economy and the ongoing crisis in Greece, according to Reuters.

The common currency of the European Union hit its lowest point in 21 months Wednesday, as investors latched onto concerns that the upcoming conference was unlikely to present any clear-cut solutions to the region's problems.

These fears have only been stoked by the increasingly realistic possibility that Greece may be forced to leave the EU if it cannot implement the necessary austerity measures. Meanwhile, Germany remains strongly opposed to common European bonds, seen by some as the best way to ease investors worries.

"The euro's downtrend is entrenched and we think there are too many risks of potentially nasty outcomes in the euro zone, especially with regard to what will happen to Greece," Ned Rumpeltin, currency strategist at Standard Chartered, told Reuters. "If there is a bounce, we will see the euro consolidating a bit more, but if we end near today's lows, then we should see it weaken further."

Meanwhile, The New York Times reports many Greek businesses are living in fear of a possible return to the drachma and the potential economic isolation this could cause.