The word of the day is "crexit," which was coined by Allianz Chief Economist Michael Heise. This is the idea that Greek will exit from its economic crisis this year. However, many point to a speech given by European Central Bank president Mario Draghi as the turning point for the eurozone crisis as a whole.
With just three weeks until the Greek snap elections on January 25 in which Tsipras' Syriza is virtually assured of victory (unless somehow G-Pap's "new and improved" political party manages to steal enough votes to prevent this, although one wonders what his political campaign will be: "vote for us because this time we know how to avoid a sovereign bankruptcy"), Germany takes yet another opportunity to remin
European stocks slid deeper into the red on Tuesday and the euro fell on rising expectations that Greece is set for a default despite fresh international efforts to resolve the debt crisis.German Chancellor Angela Merkel sought to ease fears over a possible Greek bankruptcy, saying the 17-country eurozone had to stick together and that an "uncontrolled insolvency" must be avoided.US President Barack Obama warned overnight that the world economy would remain weak until the eurozone crisis was solved, as market anxiety mounted over debt woes in Greece, Spain and Italy.
TORONTO — The Toronto stock market was slightly higher at the open amid rising gold stocks and economic concerns.
The S&P/TSX composite index rose 27.33 points to 12,885.82 while the Canadian dollar inched up 0.02 of a cent to 97.45 cents US.
Vilnius (AFP) - Lithuania switched over to the euro on Thursday, becoming the last Baltic nation to adopt Europe's single currency, in a bid to boost stability despite fears of inflation and eurozone debt woes.
Ireland, facing a humiliating bailout, will unveil another harsh budget Tuesday -- on top of some 6.0 billion euros (8.0 billion dollars) of painful tax hikes and spending cuts already flagged to stabilise its crippled public finances.Finance Minister Brian Lenihan will address the Dail, or lower house of parliament, at 1545 GMT, amid intense anxiety on international financial markets over the fast-moving eurozone debt and deficit crisis.