Greece's Debt Crisis Dominates Talks Among EU Finance Ministers

Worries over Greece's swelling debt will dominate two days of talks between European Union finance ministers that started Monday, as the euro fell to a ten-day low against the dollar, The Canadian Press reported. Greece is trying to assure financial markets - and other EU governments - that it will reduce debt with a program of deep spending cuts and higher taxes. It is aiming to bring its massive deficit down to the EU limits intended to underpin the stability of the euro. EU officials have stressed that Greece has to take action because its problems were also a problem for the entire euro area. Wouter Bos, the Netherlands' finance minister, told reporters before the talks Monday that it was "a good thing that the Greeks realize their responsibility." A Greek default would trigger deeper problems for the currency union, highlighting the failure of allowing each country to manage its own economy. At the very least, a default would also raise borrowing costs for other indebted eurozone governments. Such speculation has seen the euro tumble to $1.4336 on Monday, the lowest since Jan. 8 - and some relief for exporters who fear that the continued high value of the currency has depressed demand for German cars and machine parts and French luxury goods. Read more.