Wednesday, December 7, 2011

Eurozone growth stalling as Greeks to vote on cuts


GROWTH across the eurozone slowed to just 0.2pc between July and September -- but, according to the European Union's statistics agency Eurostat, growth inside the eurozone is trailing the much faster expansion that is happening in EU economies that do not use the single currency.

It's the latest sign, if any were still needed, that the debt crisis is causing a collapse in business confidence and a slowdown in industrial output.

Greece is under-performing all other European countries, the data shows.

After 19 months of EU/IMF economic management, the Greek economy continues to shrink rapidly.

The news came as Greek lawmakers were due to vote late last night on an austerity budget for next year.

The budget is being put forward by the country's new technocratic prime minister Lucas Papademos. Lawmakers were expected to pass his proposed package of tax hikes and spending cuts aimed at cutting the country's deficit to 6.7pc of GDP next year. Learn More...

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