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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (72356)2/5/2010 7:03:12 PM
From: Haim R. Branisteanu   of 74559
 
German Fin Min:Market Moves Exaggerated But Must Be Taken Seriously

IQALUIT, Nunavut (Dow Jones)--Current moves on stock and bond markets are exaggerated but must be taken seriously, German Finance Minister Wolfgang Schaeuble said Friday, commenting on concerns about deficit problems in the euro zone that have hit markets in recent days.

Speaking to reporters ahead of the two-day gathering of Group of Seven finance ministers and central bank governors in the Canadian Arctic, Schaeuble said that budget-deficit problems in Greece and Portugal likely would be discussed on the sidelines here. But he stressed that budget problems "aren't only in Europe," and that the euro-zone common currency is stable and it "will remain stable."

Schaeuble also said that Greece must implement the tough measures requested by the European Commission. Greece now has to pay a high price for a previous loose budget policy, he said, and it can't be spared from measures to reduce its debt level.

Greece had an estimated budget deficit of 12.7% of GDP last year, four times the 3% threshold set under European Union budget rules. It has pledged to reduce its budget deficit by four percentage points of GDP this year, and meet EU's 3% threshold by 2012.
-By Andrea Thomas, Dow Jones Newswires, 867-222-2024 andrea.thomas@dowjones.com
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