Geography 3422A/B Study Guide - International Monetary Fund, European Debt Crisis, Eurozone

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Canada Wakes Up to Asian Energy Demand11/14/2012 11:10:00 AM
Highlights:
Canada remains one of the most robust developed economies in the
world
o Fuelled by a resources boom and a banking sector that has
not suffered the traumas of its US or European counterparts
Most of Canada’s energy is produced for the domestic market and
the US, but there is tremendous demand and possibility for
Canadian energy exports, particularly to Asia
Last year, state-owned Cnooc agreed to acquire Opti Canada, a
bankrupt Calgary-based oil sands producer, for $2.1bn including
debt
o Other big Chinese investments in Canadian oil sands include:
o Sinopec’s $4.7bn purchase of a stake in Syncrude in 2010
o Petrochina’s $1.7bn purchase of a 60% stake in Athabasca Oil
Sands Corp
A more immediate concern is the eurozone crisis:
o If the eurozone is serious about the fact that it’s a single
economic bloc, then it has to be prepared to take all
measures necessary to stabilize its fiscal and banking
situation
Mr Harper also maintained that Europe needed to do more itself
before asking for outside help from the International Monetary Fund
11/14/2012 11:10:00 AM
11/14/2012 11:10:00 AM