Section 2: Economic events

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The federal and Ontario governments agreed to contribute $142 million of a $545 million investment by Toyota to improve productivity at its plants in Cambridge and Woodstock. The governments also sold their remaining stake in Chrysler, which was part of the bailout two years ago, to its parent company Fiat for $140 million.

China National Offshore Oil agreed to a $2.1 billion deal to buy OPTI Canada, which has a unique technology for extracting and processing bitumen from the oilsands and was seeking bankruptcy protection.


European leaders agreed to a second bailout for Greece worth $157 billion, a third of which will be debt swaps or rollovers by private sector bondholders. The plan also gives the European Financial Stability Facility, a $440 billion bailout fund, the power to buy sovereign debt in the secondary markets and to extend credit lines to governments.

China's central bank raised its benchmark one-year deposit and lending rates by 25 basis points to 3.5% and 6.56%, respectively, the fifth rate hike in nine months.

The European Central Bank raised its benchmark rate by 25 basis points to 1.5%.

The Reserve Bank of India raised its key rate by 0.5 percentage points to 8%, its 11th increase since October 2009.

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