Greece is running out of time—and trust + MORE Jul 12th

The Australian Financial ReviewCanada a big TPP hurdle for Australian dairy farmersThe Australian Financial ReviewCanada is proving to be a big hurdle to successfully conclude the proposed Trans-Pacific Partnership, so Canadian Finance Minister Joe Oliver's public support last week for a free trade deal will give some reassurance to Pacific Rim countries. Yet with …Don Cayo: A fair and affordable way to scrap supply managementVancouver SunTrade minister stays silent on potential TPP concessionsThe Globe and MailUS weighs completing Pacific Rim trade deal without Canada: SourcesFinancial ExpressToronto Sunall 29 news articles »

(Salvatore Sacco/The Canadian Press)
Prime Minister Stephen Harper says the government will react with “strong fiscal discipline” to the “downturn” in the Canadian economy, which he blamed on the recent turmoil in the global economy.
“Let me just state clearly what the situation is, there has been a downturn and the reason for that has been the downturn in the global economy,” Harper said in Pickering, Ont.
“It’s really that simple. Look around the world, we have another crisis downturn in Europe, we have a very significant slowdown and some other related economic problems now in China, we had very negative first quarter growth in the United States.
“So those things have obviously affected this country and in particular through oil prices and some commodity prices.”
Harper added that the federal government will not “spiral ourselves into deficit” and face credit downgrades, create an “investment freeze” by hiking taxes on businesses or take away tax breaks to Canadian families…

BRUSSELS – Bailout discussions between the Greek finance minister and his skeptical counterparts in the 19-country eurozone will resume Sunday after breaking up following more than eight hours of talks without any apparent breakthrough that will secure the country’s future in the euro.
During talks on Saturday, Greece clearly failed to give what its creditors in the eurozone have been demanding — iron-clad proof that it can deliver on its promises to implement tough austerity and reform measures in return for billions more in rescue money.
“We had an in-depth discussion of the Greek proposals and the issue of credibility and trust was discussed,” Jeroen Dijsselbloem, the eurozone’s top official, said on leaving the meeting.
The talks will resume at 11 a.m. local time (0900 GMT), just a few hours before the European Union’s 28 leaders are meant to descend on Brussels for a summit that has been billed over the past week as Greece’s last chance to convince creditors that it deserves more financial help…

(AP Photo/Thanassis Stavrakis)
Greece’s finance minister was locked in talks with skeptical creditors Saturday, trying to persuade them that the Greek government can be trusted to deliver on its reform promises in exchange for a financial rescue securing the country’s future in the euro.
After convincing the Greek parliament in the early hours of Saturday to back a harsh austerity package to stave off financial collapse, the Greek government is facing a difficult task getting its European creditors to support its three-year bailout request. Over and over, finance ministers and top officials of the eurozone said the same thing as they arrived for a key meeting on Greece’s bailout proposals—we don’t fully trust you.
Greece, they said, needed to do a lot more than just publish a 13-page plan of reform commitments before they could sign off on another multibillion-euro bailout deal that would keep the country afloat and prevent its exit from the euro.
“We are still a long way out, both on the issue of content as on the tougher issue of trust,” Jeroen Dijsselbloem, the eurozone’s top official, said on his arrival at the meeting…

PICKERING, Ont. – Prime Minister Stephen Harper says the government will react with “strong fiscal discipline” to the “downturn” in the Canadian economy, which he blamed on the recent turmoil in the global economy.
“Let me just state clearly what the situation is, there has been a downturn and the reason for that has been the downturn in the global economy,” Harper said in Pickering, Ont.
“It’s really that simple. Look around the world, we have another crisis downturn in Europe, we have a very significant slowdown and some other related economic problems now in China, we had very negative first quarter growth in the United States.
“So those things have obviously affected this country and in particular through oil prices and some commodity prices.”
Harper added that the federal government will not “spiral ourselves into deficit” and face credit downgrades, create an “investment freeze” by hiking taxes on businesses or take away tax breaks to Canadian families…