The economic outlook in Europe has deteriorated rapidly and alarmingly in recent weeks. The following quote from the latest edition of the Economist is typical of current media coverage in the region:
“First Greece; then Ireland and Portugal; then Italy and Spain. Month by month, the crisis in the euro area has crept from the vulnerable periphery of the currency zone towards its core, helped by denial, misdiagnosis and procrastination by the euro-zone’s policymakers. Recently Belgian and French government bonds have been in the financial markets’ bad books. Investors are even sniffy about German bonds.
Continue reading “European Economic Situation Deteriorates – ITTO European Market Report 30th November 2011”
The eurozone debt crises is having an increasingly malign influence on economic growth and sentiment across Europe. The eurozone itself is almost certainly back in recession, dashing hopes that it can grow its way out of trouble. In a forecast issued in the second week of November, the European Commission warns that “sharply deteriorating confidence and intensified financial turmoil are affecting investment and consumption, while urgent fiscal consolidation is weighing on domestic demand and weakening global economic conditions are holding back exports. The best Europe can look forward to is “a gradual and feeble return to growth” in the second half of next year, according to the Commission.
Continue reading “Eurozone Crises Severely Damages European Economic Sentiment – ITTO European Market Report 14th November 2011”