Massive bailout holds off European debt crisis
Posted September 27, 2011 8:26 am.
This article is more than 5 years old.
OTTAWA (NEWS1130) – Something positive for global investors to hold onto, a massive bail-out for Greece has held off the European debt crisis. Ottawa’s finances are also under scrutiny, as the budget watchdog goes over Canada’s federal deficit-fighting plans.
Greece was given $10 billion Euros. The country only had enough money to operate for another three weeks.
Greek Prime Minister George Papandreou is asking Europe to unite and show it has a grip on the debt crisis. “We are not a poor country, we were a mismanaged country. This is not an investment in past failures. This is an investment in future successes.”
He also acknowledged the reluctance of taxpayers and fellow nations to his country out of its crisis. “The euro zone must now take bold steps toward fiscal integration to stabilize the monetary union. Let’s not let allow those who are betting against the Euro to succeed,” he said.
Ottawa’s finances are also under scrutiny, as the budget watchdog goes over deficit-fighting plans. With Euro-zone troubles dragging on the global economy, the Parliamentary Budget Officer has released a report on government spending.
The report, the last from current officer Kevin Page, is surprisingly tame, finding spending is in line with what was set out in the 2011 federal budget.
Ottawa wants billions in savings to balance the budget by 2014-1015. Questions have been raised over whether that can be done in the current global economic climate.
