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Eu Sees Deeper Euro Zone Recession In 2013, Slower Deficit Cuts

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http://uk.reuters.com/article/2013/05/03/uk-europe-economy-idUKBRE9420C320130503

The euro zone economy will contract by more than expected this year and budget deficits will decline more slowly, the European Commission said on Friday as it set out forecasts for the next two years.

France, Spain, Italy and the Netherlands - four of the five largest euro zone economies - will be in recession through 2013, the Commission's forecasts showed, with only Germany, the largest euro zone economy, managing to eke out growth.

"In view of the protracted recession, we must do whatever it takes to overcome the unemployment crisis in Europe. The EU's policy mix is focused on sustainable growth and job creation," EU Economic and Monetary Affairs Commissioner Olli Rehn said.

"Fiscal consolidation is continuing, but its pace is slowing down. In parallel, structural reforms must be intensified to unlock growth in Europe."

Yes clearly giving the bankers more money is going to create growth....

More hot air and meaningless waffle.

Very impressed with his last sentence, it sounds like he knows what he's talking about.

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Printy printy.

These idiots are going to print and keep printing until they have "unlocked growth" What a wonderful phrase, such a shame that its utterly meaningless.

Does any one else feel as though the lunatics have taken over the asylum?

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These idiots are going to print and keep printing until they have "unlocked growth" What a wonderful phrase, such a shame that its utterly meaningless.

Does any one else feel as though the lunatics have taken over the asylum?

The lunatics have the keys to the whole asylum including the tannoy, medicine cabinet and the electro-convulsive therapy kit.

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The lunatics have the keys to the whole asylum including the tannoy, medicine cabinet and the electro-convulsive therapy kit.

Ahh juicy fruit

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I love this notion that the money printing will continue until employment improves- exactly how does this work?

It's just as likely that all that cheap capital will be invested overseas in outsourced facilities or in labour saving technology as in creating new jobs- in fact if any company were thinking about a bit of automation to cut their wage bills now is the ideal time since capital is cheap- at least for the big boys.

So far from creating jobs the QE tsunami might be reducing jobs. :lol:

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Jean Pierre Raffarin, French prime minster under Chirac said the following on Saturday

Q Do you believe Hollande when he says unemployment will fall towards the end of the year?

JP No, the conditions are absolutely not there for a drop in unemployment. The reality is that we are in serious industrial turmoil. Jobs that are being destroyed, for example, in the car industry or farming won't come back. Talking about industry, the crisis is still to come, probably in the second quarter 2013. You can't really put job creation schemes on the same level as real jobs".

echoes of both Churchill " end of the beginning" speech and Springsteen "my home town" from JP.

Edited by davidg

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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