#AceNewsReport – GREECE Update: June.30: The Greek government has asked for a new bailout program from the European Stability Mechanism (ESM), that’ll cover all the country’s financial needs for the next two years, according to the government statement. 364 more words
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Latvia has got the go-ahead to adopt the Euro from 2014, signalling to the world that the crisis ridden euro zone is still expanding. Although fewer than 40% Latvians like the idea, their country will become the 18th member of the single currency bloc from the start of next year.Latvian Prime Minister Valdis Dombrovskis maintains that switching to the euro would foster growth, bring increased foreign investment and upgrades of Latvia’s credit ratings.The euro, launched as notes and coins on January 1, 2002, is now used by around 330 million people and has become a major reserve currency.To adopt the euro, Latvia had to meet five entry criteria: low inflation and long-term interest rates, a stable exchange rate and low public debt and deficits. 1,032 more words
US dollar trades higher against the Euro in the wake of Portugal and Ireland having extensions to pay back their loans. “From our perspective, these nations economies are currently under water and they know the next few years does not look bright; therefore, they are expecting they cannot pay back their loans anytime soon”, said ACG, Panama.