News Highlight

Greek Prime Minister Lucas Papademos summoned the country’s international lenders for further discussions today after failing to get full agreement from his coalition supporters on economic measures needed for a second aid package. Papademos and the three party leaders “agreed on all the points of the program with the exception of one which requires further elaboration and discussion ” with the so‐called troika of lenders, according to an e ‐mailed statement from the premier ’ s office in Athens. “ This discussion will occur immediately so  that  it  can  be completed in  light  of  the  meeting of  euro  area  finance  ministers” later  today.

Euro ‐area finance ministers are due to hold an emergency meeting in Brussels tomorrow as the Greek government pushes to complete talks on terms of a rescue. The policy makers, to be joined by International Monetary Fund chief Christine Lagarde, will convene at 6 p.m., according to a statement today by Luxembourg Prime Minister Jean ‐Claude Juncker, who chairs the group of finance chiefs from the 17 ‐ nation euro  area.

The  Bank of  Korea held  off raising  borrowing costs for an eighth  straight month as  the  economy  slowed  and exports declined due  to  the  European  debt  crisis. Governor  Kim  Choong Soo  and  his board kept  the benchmark  seven‐day repurchase  rate  unchanged at  3.25  percent, the  central  bank  said  in  a statement in Seoul today.