Geithner to discuss Greece with G7 colleagues

WASHINGTON (BestGrowthStock) – Treasury Secretary Timothy Geithner will discuss efforts to get aid to debt-stricken Greece with fellow finance ministers from Group of Seven nations Friday, a Treasury spokesman said on Thursday.

The news boosted the euro against the dollar and the yen after it fell sharply on Thursday on concerns about the Greek debt crisis.

Finance ministers from the G7 — the United States, Britain, Canada, France, Germany, Italy and Japan — are expected to hold a conference call to get an update about the agreement between the International Monetary Fund and European Union to get aid to Greece.

The IMF board is to meet Sunday in Washington to act on its part of the Greek aid package, which amounts to some 30 billion euros (around $40 billion) while the EU is to put up about 80 million euros of loans for Greece.

Investor concern that Greece’s woes could turn into a contagion that affects other debt-strapped EU members and possibly spreads beyond Europe has caused big swings in currency values in recent days.

European equity funds have seen more than $2 billion of outflows in the week to May 5, the most in a year, and currency swings have been sharp.

Japanese Finance Minister Naoto Kan said in Tokyo that he expected currency moves to stabilize but repeated that G7 nations consider excessive and disorderly currency moves undesirable — code for warning currency speculators that central banks are closely monitoring movements in forex market (Read more about the difference between the forex market and the stock market. )s.

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Geithner to discuss Greece with G7 colleagues