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In afternoon trading in New York Tuesday, the euro slid to $1.4385 as investors digested the proposal for greater coordination. It had spiked to $1.4472 immediately after French President Nicolas Sarkozy and German Chancellor Angela Merkel announced their plan.

Late Monday, it was worth $1.4451.

Associated Press writer Sarah DiLorenzo in Paris, David McHugh in Frankfurt and Tali Arbel in New York contributed to this report.