The euro fell as low as $1.43570 from about $1.43680 before the news. It was last at $1.43656, still up 0.2 percent on the day.

"Greece has dug itself such a deep hole. At this point, whether its rating is BB, B, C, you name it -- it's not investment grade. The slow motion train-wreck in Europe is at least allowing people who want to get out the opportunity to do that," said Michael.

Copyright Reuters, 2011