The Group of Seven rich countries is concerned about Greece's debt problems

The Group of Seven rich countries is concerned about Greece’s debt problems, a Canadian official said on Friday, and hinted that there may be other countries that will also need help.Canada is this year’s chair of the G7.Canadian Finance Minister Jim Flaherty would not discuss the substance of talks between G7 finance ministers and central bank governors early on Friday, but said his G7 partners were watching developments closely.

“We are concerned. We’re consulting closely with our international partners.”In addition to Canada, the G7 includes Britain, France, Germany, Italy, Japan and the United States.Echoing comments from other G7 officials, Flaherty told reporters that the G7 believed countries that are borrowing heavily need to rein in fiscal deficits. But he questioned if they could do that on their own.

“It’s necessary that, first of all, that the countries involved take the steps they need to take and be clear about that, that they’re going to take these steps toward fiscal restraint, fiscal responsibility,” he said.”They will need some help, in all likelihood, in order to manage the issue, as Greece did.”

Leaders of euro zone countries on Friday approved a deal by the European Union and International Monetary fund to provide an aid package to Greece, EU sources said. The aid package of 110 billion euros ($147 billion) is to be released to Greece over three years.The IMF board is to meet on Sunday to discuss its share of the rescue deal.Greece has promised to slash spending in return, measures which have provoked violent protests in Athens.

U.S. President Barack Obama, in remarks at the White House to highlight stronger-than-forecast U.S. April job growth, said he had discussed developments in the Greek debt situation with German Chancellor Angela Merkel by telephone.”We agreed on the importance of a strong policy response by the affected countries and a strong financial response from the international community,” Obama said.

“I made clear that the United States supports these efforts and will continue to cooperate with European authorities and the IMF during this critical period.”

GEITHNER TALKS WITH G7, U.S. REGULATORS

U.S. Treasury Secretary Timothy Geithner also participated in the G7 call, but a Treasury spokesman had no immediate comment on the outcome.A U.S. Treasury official earlier had described the call as being “focused on European leaders updating the G7 finance ministers and central bank governors” on Greece’s debt woes.Geithner also held conference calls on Friday morning with the heads of two U.S. market regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission, and with Federal Reserve officials.

The SEC and CFTC are investigating Thursday’s sudden stock market plunge, which some market sources say may have been caused by an errant trade by a large bank. An Obama administration official said the Treasury Department was closely monitoring the probe.The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States. It has lost significance as the world puts more stress on the broader Group of 20 industrialized and emerging economies, but retains a role in issues like the European debt crisis.(Reuters)

SINGAPORE Oil prices rose above $85 a barrel Monday in Asia

SINGAPORE Oil prices rose above $85 a barrel Monday in Asia after a massive loan offer to Greece by European countries helped weaken the dollar, making crude cheaper for investors holding euros.Benchmark crude for May delivery was up 50 cents to $85.42 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 47 cents to settle at $84.92 on Friday.The finance ministers of the 15 eurozone nations agreed Sunday to offer euro 30 billion ($40 billion) in loans to Greece this year if Athens asks for the money.

The promise – filling in details of a March 25 pledge of joint eurozone-IMF help – was another attempt to calm markets that have been selling off Greek bonds in recent days.The euro rose to $1.3657 on Monday from $1.3322 on Friday while the dollar fell slightly to 93.10 yen.

Oil was down the previous three days on investor concern that slowly recovering U.S. crude demand doesn’t justify further gains. Crude jumped 25 percent to above $87 last week from $69 in early February.”If oil markets continue to take cues from supply and demand – in preference to the dollar, equities or economic data – we cannot paint a picture that includes higher prices,” Cameron Hanover said in a report.

In other Nymex trading in May contracts, heating oil added 1.17 cents to $2.2377 a gallon, and gasoline gained 1.17 cents to $2.3010 a gallon. Natural gas rose 3.0 cents to $4.100 per 1,000 cubic feet.In London, Brent crude was up 64 cents at $85.47 on the ICE futures exchange.(AP)

Greece is hit by a bomb blast occurred in Athens.

ATHENAWithin 24 hours of Greece is hit by a bomb blast occurred in Athens. After earlier a bomb exploded at an office building, this time another bomb exploded in the Pakistani community leader’s house in Greece.Police said no casualties from this incident, but the blast caused damage to the entrance of the apartment where the Pakistan community leaders lived. In addition, this explosion also caused three cars were damaged. Similarly the BBC reported on Saturday (20/3/2010).

Police earlier had secured the area around the blast site, after a report from the TV stations and newspapers. Reports posted 15 minutes before the explosion was received from an unknown person about the bomb threat.The explosion today was Friday, March 19, occurred some time after the previous boom in the office group of right-wing anti-immigrant Greeks. There was no immediate claim responsibility for the attack, but there are allegations if the attack was carried out by left-wing anarchist group.

Left-wing anarchist groups are far indeed often bombings in Greece. Last attack of this group are often directed to the banks and government buildings.

Greece must take further measures to reduce the deficit or it will face sanctions, Eurogroup chairman Jean-Claude Juncker

ATHENS Greece must take further measures to reduce the deficit or it will face sanctions, Eurogroup chairman Jean-Claude Juncker was quoted as saying by a Greek newspaper.Greece has until March 16 to convince EU finance ministers and the executive European Commission that proposed measures to cut its budget shortfall this year to 8.7 percent of gross domestic product from 12.7 percent in 2009 are sufficient.”Greece must intensify its efforts and move to further actions to reduce its deficit,” Juncker, who heads the Eurogroup of euro zone finance ministers, told Eleftherotypia newspaper.

“If it doesn’t convince us then it will possibly face sanctions. Greece must understand that the taxpayers in Germany, Belgium or Luxembourg are not ready to fix the mistakes of Greece’s fiscal policy,” Juncker said.”Euro zone finance ministers have agreed that more efforts are required from Greece,” he said.Juncker, who is also Luxembourg’s prime minister, said euro zone finance ministers had discussed ways to help Greece.”Luxembourg is also ready to help Greece on a bilateral level, if Athens asks for it. We must first be convinced that the measures are serious and tough. The Greek government must focus on further spending reduction and on the ways to increase revenues,” he said.(Reuters)