Europe’s economic woes hitting home in Canada

[ZeitgeistObserver]

Europe’s economic woes hitting home in Canada


Troubles in southern Europe are hitting home for many of the 2.4 million Canadians with origins in Greece, Portugal, Italy and Spain.

Euro woes have rocked global stock markets and wreaked havoc with currencies. At the macro level, economists say the region’s fiscal crisis now represents the biggest risk to the global recovery.

But the turmoil is trickling into the micro level, too. From local food importers who are seeing distribution interrupted as Greek suppliers fold, to Italian-Canadians, whose homeland pensions have dwindled with euro weakness, many are watching the crisis with growing consternation.

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He’s fielding calls from worried friends in Canada, asking whether they should move their savings out of banks in Greece in case their accounts are frozen. He thinks their money is likely safe – but many people are moving money out of the country anyway.

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Canadian officials are also fretting. Bank of Canada Governor Mark Carney said last week that the problems could hamper the Canadian recovery, while Toronto-Dominion Bank said the Greek fiscal crisis “represents the largest single risk to the global economic recovery.”

http://www.theglobeandmail.com/report-on-business/europes-economic-woes-hitting-home-in-canada/article1555476/