Italy to Contract More Than Government Forecasts, Istat Says
Italy’s economy will contract this year more than the government forecasts as falling domestic demand and investments extend the country’s fourth recession since 2001, the national statistics institute said.
Gross domestic product will decline 1.5 percent in 2012 before rising 0.5 percent in 2013, Istat Chairman Enrico Giovannini said in Rome today, according to the text of a speech to present the institute’s annual report. [...]
WASHINGTON, DC – Europe’s policy elite – the people who call the shots at the national and eurozone level – are in serious trouble. They have mismanaged their way into a deep crisis, betraying all of the lofty promises of unity and prosperity issued when the euro was created. The currency union may survive, but, for millions of people, the euro has already failed in its mission of sustaining growth [...]
And while the bankers (on both sides of the table) haggle about how to best leech Greece even dryer (with a solution due any hour, day, week now), the actual people are starting to wave the white flag of surrender. Because the opportunity cost of every additional coupon payment is having a direct, immediate and increasingly more dire impact on virtually every aspect of the economy. Kathimerini reports that “about 160,000 jobs [...]
Posted by Tracy Alloway on Jan 17 14:54.
Michael Pettis has a blunt way of describing the China predicament, after Friday saw the People’s Bank raise required reserve ratios for the seventh time over the past year, in an effort to rein in inflation and curb lending by the country’s banks.
In a sentence, it’s “damned if you do and damned if you don’t.†The issue, says theShenyin Wanguo Securities analyst and all ’round [...]
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