On Friday, the euro sank to a new low against the dollar, dragging down exchange traded funds (ETFs) with it. As concerns about Europe’s economy continue to mount, is the euro on a path toward parity with the U.S. dollar?

As Greece’s fiscal debt problems become more obvious and they begin to spread to other economies, does the euro stand much of a fighting chance? The euro is now past four-year lows against the U.S. dollar, below $1.20 on fears about Greece and the other PIIGS (Portugal, Italy, Ireland, Greece and Spain) – and now Hungary. [Europe ETFs Hit By Greece.]

The euro could sink to $1.18, the level at which it closed on its first day of trading in 1999, says Bradley Davis for The Wall Street Journal.

There’s a conundrum vexing the continent.