Thursday, Apr 23, 2009
Round 2 may not be too far away.
Telegraph: Germany's slump risks 'explosive' mood as second banking crisis looms
A clutch of political and labour leaders in Germany have raised the spectre of civil unrest after the country's leading institutes forecast a 6pc contraction of gross domestic product this year, a slump reminiscent of 1931 and bad enough to drive unemployment to 4.7m by 2010.
Michael Sommer, leader of the DGB trade union federation, called the latest wave of sackings a "declaration of war" against Germany's workers. "Social unrest can no longer be ruled out," he said.
Posted by flintster1994 @ 09:23 PM (372 views) Add Comment
1 Comment
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1. britishblue said...
The troubles in Europe maybe one of the key reasons why sterling is holding its ground when after yesterdays increased announcement of debt, it should technically have started to tumble again. With the the UK bank bail out in January, The fiscal stimulation announced in March and the horrendous debts announced yesterday, sterling should not be at the level it is today against the Euro. However, it is still trading at 10% higher than it was against the Euro at the beginning of the years. I think the scenario that civil unrest will start spilling out in the Euro zone is very realistic, with some disaster happening there in the next twelve months, given the situation of Ireland, Spain and Italy. There could be a scenario where sterling actually rises because of this, and other events in Europe overshadow the UK debt meaning the general election may not be the forgone conclusion that many on this site think it is. A week is a long time in politics. By next Wednesday the vast majority of the UK population won't have any idea whether the debt announced was billions or millions, they will be fed up with newspaper editors moaning at 50% tax, etc. if things start imploding elsewhere, who knows how this could effect peoples opinion of what is right and what is wrong.?