Greenpeace International has acknowledged losing 3.8 million euros on a bet that the euro would not strengthen against other currencies in 2013- but it did.

The environmental group, which is based in Amsterdam, said the money was lost by an employee who acted beyond the limits of his authority but had hoped to benefit the organisation.

Greenpeace did not identify the employee, who has been fired, and added there was no evidence of fraud. The group apologised for the blunder to supporters and donors, and said it was studying what went wrong.

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