Keeping Canada competitive in the face of Greece’s economic collapse

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VANCOUVER (NEWS1130) – A trillion-dollar lifeline to prop up the Euro, and help countries like Greece avoid economic collapse, is good news for the Canadian dollar. But a strong loonie isn’t always good news for producers in Canada.

SFU Economist Lindsey Meredith explains, “The demand for Canadian products, for our resources, becomes much more expensive internationally as well. It does Canada no good to have our Canadian buck to rise strongly against other currency. That makes our products much more expensive internationally, that’s a place we don’t want to go.”

Meredith adds many Europeans might decide against taking expensive trips abroad.  But he says it does offer Canada some long term economic stability by helping prevent a major collapse on the other side of the world.

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