The European single currency languished close to a one-year low point against the dollar on Friday, amid growing speculation that Greece may activate an EU- IMF rescue package, analysts said. The euro dived to 1.3202 dollars in earlier Tokyo trade, hitting the lowest point since April 30, 2009. Later in morning London deals, it pulled back slightly to stand at 1.3253, down from 1.3289 in New York late on Thursday. 'Events in Greece are close to spiralling out of control after the countrys rating was cut again by Moody's and the latest Eurostat figures revised up the country's 2009 public deficit,' said Lloyds economist Kenneth Broux. 'A bailout now appears just a matter of days (away) as Greek government bonds continue to slump.' Thursday's gloomy news comprised an EU revision of Greece's deficit, a daunting rise in borrowing costs and a new debt ratings downgrade from Moody's. 'Euro trading was again heavily impacted by a whirlwind of Greek news,' said Citi analyst Michael Hart. He added: 'It appears increasingly unlikely that Greece will be able to extricate itself from its excessive debt burden without restructuring. 'While Greece will attempt to avoid having to declare a formal default, potential losses would nevertheless be great.' Concerns that the G20 may not come up with an effective plan to tackle Greece's debt problems at upcoming talks also weighed, dealers said, adding that default fears could drag the common currency below 1.30 next week. 'The start of this weekends G20 meeting of finance ministers in Washington today will no doubt see the Greece issue top of the agenda, as fears abound that Greece will default and have to restructure its debt,' said CMC Markets analyst Michael Hewson. He added: 'Contagion is now the word that the markets fear unless the EU leaders, the Greek government and the IMF can come up with some sort of solution that can be delivered without creating further unrest within Greece, and can also satisfy the markets.' European Union estimates on Thursday put the Greek public deficit last year at 13.6 percent of gross domestic product -- instead of 12.9 percent. The EU also highlighted the weak state of public finances in eurozone member nations Ireland, Portugal and Spain. International ratings agency Moody's cut Greece's sovereign ratings to A3 from A2 on Thursday and warned they faced a possible further downgrade given the country's debt problems. The yield or interest rate paid to investors on Greek 10-year bonds has meanwhile soared to record highs as investors bet that the government would have to turn to the EU and IMF. 'Fears are rising among market participants that the implementation of the bailout packet for Greece might fail,' noted Commerzbank analyst Ulrich Leuchtmann. 