The latest data released by Eurostat shows that in the final quarter of 2012, the Eurozone area’s combined GDP contracted by 0.6 percent. This follows a previous quarter of negative growth, reflecting the fact that the Eurozone is confronting both a staggering debt crisis and an economic recession simultaneously. The Q4 data shows that even Germany’s economy, the strongest in the Eurozone, also contracted.
Negative growth will only exacerbate the Eurozone’s sovereign debt crisis. With the worst afflicted economies dependent on massive loans from German taxpayers and the IMF, the continuing negative economic trends demonstrate how improbable the calculations of the monetary union ‘s policymakers are in their gamble that they can miraculously restore economic growth while solving the Eurozone’s debt crisis. The latest Eurostat data confirms the insoluble conundrum confronting the politicians in the Eurozone.
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The International Monetary Fund is projecting a continuing contraction of the Eurozone during 2013. According to the IMF’s most current projection, overall the Euro area will see an economic contraction of 0.2 percent, with global growth overall of 3.5 percent due primarily to China and India.
The austerity measures that are being undertaken by the weakest Eurozone nations have led to historically high levels of unemployment and depression-level economic contraction. The weak economic dynamics within the Eurozone periphery have also taken a toll on economic performance among the strongest Eurozone members, including Germany.
With anti-growth austerity measures being ruthlessly imposed by several Eurozone nations most vulnerable to the sovereign debt crisis, including Spain and Greece, it is hard to see how a significant level of real economic growth will be achieved-and without that growth, there is no resolution to the European debt crisis, no matter how many more austerity measures are imposed on a skeptical public by the policymakers.
WALL STREET KILLS--A CHILLING NOVEL ABOUT WALL STREET GREED GONE MAD
To view the official trailer YouTube video for “Wall Street Kills,” click image below:
In a world dominated by high
finance, how far would
Wall Street go in search of
profits? In Sheldon Filger’s terrifying novel about money, sex and murder, Wall Street has no limits. “Wall Street Kills” is the ultimate thriller about greed gone mad. Read “Wall Street Kills” and blow your mind.
Economic data released by Eurostat, the statistics office of the Eurozone, indicated that the monetary union collectively entered a recession in Q3 of 2012. As both Q2 and Q3 indicated economic contraction, the Eurozone met the technical definition of a recession for the second time since 2009.
Within the statistics, one will find at best marginal growth within the healthier economies of the monetary union, with the periphery, especially Greece and Spain, experiencing calamitous levels of economic contraction. Most economists observing the Eurozone project at best tepid growth or stagnation during 2013.
The economic disaster within the Eurozone, driven largely by a malignant sovereign debt crisis of massive proportions, is testimony to the ongoing and destructive character of the global economic crisis that arose in 2008. With Japan also experiencing economic contraction, China reduced growth and the United States tepid growth only made possible by massive (and unsustainable) budget deficits, the outlook for the global economy remains guarded and grim.
WALL STREET KILLS--A CHILLING NOVEL ABOUT WALL STREET GREED GONE MAD
To view the official trailer YouTube video for “Wall Street Kills,” click image below:
In a world dominated by high
finance, how far would
Wall Street go in search of
profits? In Sheldon Filger’s terrifying novel about money, sex and murder, Wall Street has no limits. “Wall Street Kills” is the ultimate thriller about greed gone mad. Read “Wall Street Kills” and blow your mind.
