Europe News update

EUROPE UPDATE NEWS:

·      Euro zone finance ministers agreed on Saturday to disburse a further 12 billion euros (10.85 billion pounds) to Greece and said the details of a second aid package for Athens would be worked out in the "coming weeks."

(See details: http://uk.reuters.com/article/2011/07/02/uk-eurozone-idUKTRE76035N20110702)

·      Poland's finance minister voiced numerous doubts on Saturday over Europe's handling of the Greek debt crisis, suggesting too much emphasis had been put on austerity and too little on growth.

(See details: http://uk.reuters.com/article/2011/07/02/uk-eurozone-crisis-poland-idUKTRE7610TS20110702)

·      President Barack Obama pressed his case on Saturday for achieving deficit reduction, in part by ending tax breaks and singling out hedge fund managers, oil companies and billionaires to take the hit.

(See details: http://uk.reuters.com/article/2011/07/02/us-usa-debt-obama-idUKTRE7610ND20110702)

·      Get Ready for $150 Oil: After a decline this summer, crude's price is likely to rise sharply by next spring. It will hurt the economy, but it won't be a disaster.

(See details: http://online.barrons.com/article/SB50001424053111903617204576411791590055646.html?mod=BOL_hpp_highlight_top)

·      A Prescription for Profiting From Drug Stocks: Patent expirations and new-drug approvals could alter drug companies' fortunes in the next 10 years. Glaxo, Novartis and Merck could be winners; Bristol-Myers and Lilly, losers.

(See details: http://online.barrons.com/article/SB50001424053111903617204576411802378832540.html?mod=BOL_hpp_mag)