France's economy slipped officially into recession with a growth rate of -0.2% for the second consecutive quarter, which is the average growth rate for the 17 countries that use the Euro. Germany's growth rate was +0.1% - not enough to make a difference. Spain and Italy contracted by 0.5%, while Portugal's rate of growth decreased 0.3%.
Tuesday's flash estimate "surprised" experts and speculation is rising that the ECB will drop its lending rate from 0.5% to 0.25%.
Raising taxes and cutting pensions is not working. DUH! How come not, Dr Krugman?
Wednesday, May 15, 2013
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