Posted on 05/29/2013 1:56:15 PM PDT by Olog-hai
The recession in Europe risks hurting the world’s economic recovery, a leading international body warned Wednesday.
In its half-yearly update, the Organization for Economic Cooperation and Development said that protracted economic weakness in Europe “could evolve into stagnation with negative implications for the global economy.”
The OECD again slashed its forecast for the economy of the 17-country eurozone, saying it will shrink by 0.6 percent this year, after a 0.5 percent drop in 2012. The OECD had predicted a 0.1 percent decline for the eurozone in its report six months ago—and this time last year, it forecast growth of nearly 1 percent for 2013. …
(Excerpt) Read more at hosted.ap.org ...
What they mean by ‘protracted economic weakness’ is a growing reluctance to continue bailing out failed welfare systems.
There’s no lack of willingness to continue to increase taxes, take note.
And no, they’ll keep bailing out (with loans, not grants) the welfare systems of all member states—the price being the surrender of national sovereignty.
Exactly right. I read this piece as IMF propaganda.. and the surrendering of national sovereignty is certainly the consequence. Not good.
Thanks Olog-hai. Time for Europe to standardize the length of the work week, IOW, scrap the 35 hr work week.
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