05 Mar '12, 2am

Eurozone deadline looms for Greek debt write-down

Eurozone deadline looms for Greek debt write-down

BRUSSELS: The EU reaches a watershed moment this week with the deadline for private creditors to write down Greek debt, one leaders hope will prove momentum has swung in the battle to beat the debt crisis. Despite Spain warning that its budget deficit will miss an EU-agreed target by tens of billions of euros this year and with recession also forcing the Netherlands and Belgium to re-do their sums, the view remains that a corner is being turned. "We're not out of the economic crisis, but we are turning a page on the financial crisis," said French President Nicolas Sarkozy after a rare pressure-free European Union summit on Friday. Economists looking at the bigger picture agree. "The risks and focuses are beginning to shift away from Europe," said Erik Nielsen, chief economist for Milan-based UniCredit in a regular briefing note to investors. Citing Iranian political tensio...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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