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German Export Plunge Sparked Record Economic Slump

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May 26 (Bloomberg) -- German exports and company spending plunged in the first quarter, dragging Europe’s largest economy into its deepest slump on record.

Exports dropped 9.7 percent from the fourth quarter and company investment declined 7.9 percent, the Federal Statistics Office in Wiesbaden said today. Gross domestic product fell a seasonally adjusted 3.8 percent from the previous three months, the office said, confirming an initial estimate from May 15. That’s the steepest drop since quarterly data were first compiled in 1970.

The worst global recession since World War II has exposed Germany’s reliance on exports as an Achilles Heel, forcing companies to slash output and cut jobs.

Ah, but the strong Euro is a very good thing for Germany, and even better for the PIIGS - JCT said so :rolleyes:

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Shameless self bump ;)

The spread on 10 yr Bunds vs 10 yr BTPs (Italy) is now down to 81 bps - market smelling a rat?

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The numbers are horrendous.

The Eurozone is going to be stressed like never before.

Does anyone know what sort of stress tests they ran on the Euro before they merged, was an economic shock of this magnitude factored into their economic models?

If not the Eurozone could break apart.

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