Friday, 22 February 2013

Euro Area Economy to Shrink in 2013

"EU Says Euro Area [economy] to Shrink in 2013 as Unemployment Rises" Bloomberg reports today. Not surprising (this is a forecast from the EU which actually appears reasonable to trust) as on 8th January this year we wrote,
Expecting an economic improvement in the euro area this year is optimistic. In fact, together with poor industrial production figures and the continued increase in unemployment, the euro area economy is likely to deteriorate further, much further. In fact, as long as the central planning committee in Brussels continues to be in charge (together with the ECB and the IMF), as long as bail outs of bust countries and banks continue with tax payer money, it will only continue to get worse. It is the main reason for the debt crises and the main reason it is not going to end any time soon.
Nothing has changed to alter this view and the industrial production figures have since continued to drop further.

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