Posted on 07/18/2013 8:29:53 PM PDT by abbyjoseph
The eurozone is still a mess. Instead of improvements, I just see more troubles. Economic slowdown in the regions debt-infested nations is already staggering, but even those that were able to fight it are now experiencing huge problems.
Around this time last year, the European Central Bank (ECB) was very clear about its plan for the eurozone crisis. It said that its ready to do whatever it takes.
Back then it was the greatest relief to the marketthe announcement calmed the rising debt rates in the eurozone and sent a wave of optimism toward the key stock indices.
But it was just a short-term fix. Take my word for it: economic slowdown in the eurozone is here to stay for a long time.
Take, for example, Francethe second-biggest economy in the eurozone. France used to have a credit rating of AAA, according to credit rating agency Fitch Ratings, which is the best rating among its other eurozone peers. But France has since been downgraded a notch by the credit rating agency. (Source: Wall Street Journal, July 12, 2013.)
Fitch cited that the eurozone countrys national debt compared to its gross domestic product (GDP) reached 91.7% in the first quarter of 2013. It expects the French national debt ratio to peak at 96.0% in 2014.
(Excerpt) Read more at profitconfidential.com ...
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