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Today’s report by Markit on the Eurozone economy sobered up the markets a bit today:
Falling output in the southern Eurozone economies offset rising output in northern countries to cause an overall contraction of the Eurozone economy in the three months to June. Gross domestic product fell 0.2% in the Eurozone in the second quarter, according [...] Voter and leftist politician resistance to so-called “austerity” will result in backsliding of many socialist governments to liberal reforms. From the Eurozone to the BRICs, a current meme among politicians and the press is that austerity is not the path to economic growth and recovery, but rather suspension of reforms and continued [...] |
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