Premier Darrell Dexter says the European debt crisis continues to have a direct effect on the economy in Nova Scotia. He says the impact of a devalued euro is causing tremendous stress on the province’s pulp and paper industry. The euro was trading at $1.24 on the market on Tuesday – it’s lowest level in nearly two years. Dexter says it allows overseas paper manufacturers to flood the paper market with a cheaper product which impacts operations like Bowater Mersey.
Workers at Bowater are preparing for the latest in a series of temporary shutdowns set to take place from June 17th to July 2nd. The Brooklyn-based mill has called for several shut downs since a $50 million dollar bail-out package was announce last year due to saturated paper markets.
