Papademos suggests further budget cuts will be needed

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Source: Bloomberg
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.
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Thu, 05 Jan 2012 08:56:06 GMT

Canadian Dollar weakens amid worries about deepening European debt crisis

Canadian domestic currency depreciated against its US peer on Wednesday amid investor fears European debt turmoil is worsening. Loonie fell from 1-month high where it settled on better-than-expected US PMI data. It lost 0.2% against US Dollar, attaining C$1.0127 in Toronto trade. Currently USD/CAD is also trading at C$1.0127.

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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