Nance
05-26-2010, 09:54 AM
May 25, 2010
SAO PAULO, The current fiscal crisis in the European Union is not a threat to the economic bloc's common currency the managing director of the International Monetary Fund said Tuesday.
Speaking at an event in Sao Paulo, Dominique Strauss-Kahn said, "There is no threat to the euro system. I am confident in the ability of the Greek government and the Greek people to meet austerity goals."
Global financial markets have been under siege since April, when the fiscal crisis in debt-laden Greece deepened and sparked concerns about similar issues in Spain and Portugal. The euro currency has plummeted in value against the U.S. dollar because of a lack of confidence in the fiscal policies of many EU member countries.
The EU and IMF arranged a nearly EUR 750 billion package to ease debt troubles in the economic bloc and restore investor confidence.
Regarding global financial market volatility, Strauss-Kahn said, "I think the short-term stress is being reduced."
The IMF managing director also expressed confidence that the volatility will continue to ease throughout the rest of 2010.
http://www.advfn.com/news_IMFs-Strauss-Kahn-Current-Crisis-No-Threat-To-Euro-Currency_42966849.html
SAO PAULO, The current fiscal crisis in the European Union is not a threat to the economic bloc's common currency the managing director of the International Monetary Fund said Tuesday.
Speaking at an event in Sao Paulo, Dominique Strauss-Kahn said, "There is no threat to the euro system. I am confident in the ability of the Greek government and the Greek people to meet austerity goals."
Global financial markets have been under siege since April, when the fiscal crisis in debt-laden Greece deepened and sparked concerns about similar issues in Spain and Portugal. The euro currency has plummeted in value against the U.S. dollar because of a lack of confidence in the fiscal policies of many EU member countries.
The EU and IMF arranged a nearly EUR 750 billion package to ease debt troubles in the economic bloc and restore investor confidence.
Regarding global financial market volatility, Strauss-Kahn said, "I think the short-term stress is being reduced."
The IMF managing director also expressed confidence that the volatility will continue to ease throughout the rest of 2010.
http://www.advfn.com/news_IMFs-Strauss-Kahn-Current-Crisis-No-Threat-To-Euro-Currency_42966849.html