The speculators in the currency market have increased their bets against the Euro to record level since the inception of the currency.

The second week of February saw record level betting against the currency according to the data from the Chicago Mercantile Exchange which is used for accessing the hedge fund activity.

The net positions rose to 43,700 contracts from 39,500 contracts, a rise which is equitant to $7.6 billion. The level is even higher than the levels of September 2008 when investors discarded the currency due to the financial crisis and increased demand for US dollars.

The Euro reached the level after it fell for many months against the dollar. The Euro dropped to 1.3583 against the dollar last Friday.

The euro has dropped more than 4 percent against the dollar this year and more than 7.5 percent against the yen mainly due to the concerns over euro zone's sovereign debt.

Some of the Eurozone members are facing difficult financial situation, particularly Greece. Along with the problems within the currency zone, the higher costs and large deficits in other countries on the periphery have prompted some experts to even doubt the continuity of the currency.

The sentiment towards the currency has drop because of concerns that are not restricted to Greece but also include debt sustainability and the European monetary union.

Analysts say that the Greek economy contributes about 3% of the total eurozone gross domestic product and thus in case the country defaults on payments, the direct implication would not be very significant.

Other eurozone countries are likely to help Greece in fiscal measures. EU leaders are holding a special summit to discuss the economy and concerns about Greece and economies on the periphery of eurozone.