Concerns Lingering Despite Greece’s Bailout Plan And Japan Warned of Its Credit Rating
The euro traded at below US$1.30/euro for the first time since April 2009 on concerns that escalating protests may jeopardise Greece’s ability to drive through austerity measures, while investors questioned Spain and Portugal’s ability to cut budget deficits since they are among the highest in the Euroland. Greek civil servants walked off the job on 4 May on the first day of a 48-hour strike to protest government austerity measures, ahead of a nationwide general strike on 5 May that is expected to paralyse the country. Also, Spain was rumoured to have needed a bailout from the Euroland.
The World Economy... - 5/5/2010
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