Australian currency depreciates on European concerns

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Source: Bloomberg
© Dukascopy Bank
Australia's and New Zealand Dollars weakened against most of their counterparts on Thursday after Italian biggest bank UniCredit SpA announced large discount on its shares prompting fears European banks may face difficulties to raise funds. Aussie lost 0.3% against Greenback reaching $1.0339 in Sydney wile Kiwi tumbled 0.2% against its US peer to $0.7862. Currently AUD/USD is trading at  $1.0326 and NZD/USD is trading at  $0.7858.
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Thu, 05 Jan 2012 08:53:49 GMT

Papademos suggests further budget cuts will be needed

Greek Prime Minister Lucas Papademos announced that further cuts of spending are the only possibility to stay in Euro Zone and to obtain financing from abroad. Papademos emphasized Greece has to give something up in order not to lose a lot. Later in January Papademos will continue talks with IMF and ECB about economic plan for 2012-2015.

Thu, 05 Jan 2012 09:47:06 GMT

Greece may need additional fiscal measures

Greece may need extra fiscal measures to comply with 2011 budget requirements, said the government spokesman. Moreover, the interim government developed 'very specific' measures to pursue the goal of staying in the Euro Zone, the official added.

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