FOREXYARD: Forex News Blog

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Greek Debt Woes Continue Posted: 03 Oct 2011 06:41 AM PDT Financial markets in Europe took another hit on Monday with more news coming from Greece regarding its debt woes. According to a deal brokered with the IMF and the EU, Greece agreed to cut its deficit to 7.6% of GDP. However, as of Monday Greece indicated that this year's deficit would be well over 8%. With this target budget being missed, there is an increased possibility that Greece will default. With news like this emanating from the EU, investors may indeed maintain reservations on the strength of the euro.

EU Ministers to Discuss Stimulus Package Posted: 02 Oct 2011 01:15 AM PDT EU ministers have agreed to meet next week to discuss the possibility of a fresh stimulus package to help bolster weak economic figures coming from the European Union. EU finance ministers will focus on garnering support from the wealthiest euro-zone nations in order to bail out financially weaker nations, such as Ireland and Greece. At the request of both the IMF and the United States, the EU will backtrack on their previous 2009 plan to begin cutting deficits in 2011 as the economic crisis is causing an increase in calls for further stimulus aid. However, some euro zone countries, such as Italy, are somewhat skeptical of the commitment of the more fiscally sound countries to helping solve the economic crisis. Meanwhile, the idea that countries such as Germany and Sweden, who are not currently violating the EU's deficit limit, could now afford to maintain bigger deficits and/or smaller surpluses did gain favor amongst members of the European Commission. The meeting is set for Tuesday in Luxembourg and, at the very least, will clear up some questions as to which direction the EU is heading.

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