29 June 2011

Meanwhile, the core inflation, excluding energy and some kinds of food, is still within BoC limits – 1.8%.
In addition to it, the loonie also became stronger against the euro, when Greece approved the key austerity bill concerning spending cuts and tax hikes. New rules, worth US$40 billion, were supported by the majority of the 300-member parliament, including even those who previously voted against them.  
Such decision was demanded by the European Union and International Monetary Fund before approving the release of a euro12 billion loan from the last year’s rescue package.
It’s important to understand that without this financial help Greece would see default by the middle of July.

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