Sarkozy calls for a 'new economic age' where debt and public spending are reduced, claiming that 'those that lend to us no longer want to lend to us' despite today's successful bond auction. However, Moody's has downgraded its outlook on the Czech banking system to negative from stable on prospects of a "broader slowdown" in the EU. The change in outlook primarily reflects the rating agency's view that the banks' operating environment will weaken, amidst a broader EU economic slowdown. This will create renewed pressures on asset quality and impair the banks' profitability and capitalization. Sarkozy gave his version of how the eurozone should work today, calling for France to clear its debts, trim public spending and begin a "new economic age". He will meet with Angela Merkel on Monday, but before that she's set to give her own version of the speech to the Bundestag tomorrow. Stay tuned to the live blog tomorrow for coverage of that. Essentially, the pair will hash-out a joint plan to take to the EU summit on December 8 and 9 - the idea being to give the EU a new treaty to restore tough budgetary discipline on the debt-ravaged eurozone. This afternoon we heard that the IMF was "likely" to slash its global economic growth forecast in the New Year, now the United Nations has sharply cut its own economic projections, claiming that the world is at risk of entering a new recession.....The UN's report on the World Economic Situation and Prospects 2012, released today, forecasts 2.6pc growth next year in its main, relatively optimistic scenario - and just 0.5pc in its pessimistic scenario. That's significantly below its May forecast of 3.6pc. The report says: "The world economy is teetering on the brink of another major downturn" and "the risks for a double-dip recession have heightened".
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Friday, December 2, 2011
Sarkozy calls for a 'new economic age' where debt and public spending are reduced, claiming that 'those that lend to us no longer want to lend to us' despite today's successful bond auction. However, Moody's has downgraded its outlook on the Czech banking system to negative from stable on prospects of a "broader slowdown" in the EU. The change in outlook primarily reflects the rating agency's view that the banks' operating environment will weaken, amidst a broader EU economic slowdown. This will create renewed pressures on asset quality and impair the banks' profitability and capitalization. Sarkozy gave his version of how the eurozone should work today, calling for France to clear its debts, trim public spending and begin a "new economic age". He will meet with Angela Merkel on Monday, but before that she's set to give her own version of the speech to the Bundestag tomorrow. Stay tuned to the live blog tomorrow for coverage of that. Essentially, the pair will hash-out a joint plan to take to the EU summit on December 8 and 9 - the idea being to give the EU a new treaty to restore tough budgetary discipline on the debt-ravaged eurozone. This afternoon we heard that the IMF was "likely" to slash its global economic growth forecast in the New Year, now the United Nations has sharply cut its own economic projections, claiming that the world is at risk of entering a new recession.....The UN's report on the World Economic Situation and Prospects 2012, released today, forecasts 2.6pc growth next year in its main, relatively optimistic scenario - and just 0.5pc in its pessimistic scenario. That's significantly below its May forecast of 3.6pc. The report says: "The world economy is teetering on the brink of another major downturn" and "the risks for a double-dip recession have heightened".
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The world economy would grind to a standstill should the 17-nation euro economy fail to overcome its sovereign-debt crisis, as risks of a double-dip recession in the U.S. and Europe loom, the United Nations said.
In a worst-case scenario, where European leaders cannot prevent a member state from defaulting on its debt, the U.S. and Europe will plunge back into recession and the world economy will only grow 0.5 percent next year, according to UN forecasts released today that slash growth predictions made in May.
“There is a danger that the unthinkable is now thinkable,” UN chief economist Rob Vos said in an interview. He said there is a 50 percent chance of the more pessimistic scenario materializing, citing an unraveling Italy as the biggest concern for policy makers.
‘Ominous’ Signs
Growth in emerging economic superpowers, China and India, is preventing the world economy from dipping into recession, the forecasts show. In a situation where Europe overcomes its debt woes, the world economy will “muddle through” and expand 2.6 percent, the report said.
Still, the UN top economists said there are “ominous” signs ahead for the fastest-growing economies sustaining world growth. China’s manufacturing today recorded the weakest performance since the global recession eased in 2009.
Developing countries of Africa, Asia and Latin America will be the drivers of the world’s economic growth, the UN said, forecasting 5.6 percent growth next year. China’s economy will expand by 9.3 percent in 2011 and 8.7 percent in 2012, according to this forecast. Figures for India are 7.6 percent and 7.7 percent, respectively.
http://w3.newsmax.com/a/meltdown/video.cfm?promo_code=BE24-1
Sarko's spech : Typical male - promising something he certainly cannot deliver.
M. Sarkozy (who really should wear a diamante collar if he's going to spend that amount of time in Frau Merkel's lap) is begging for a German-dominated Europe with France is Germany's...... well, poodle.
To continue evoking the threat of a European war, as M. Sarkozy did in his speech, as a justification for the subjugation of Europe by German bankers is exactly the same as generals always fighting the last battle. As an argument it doesn't convince. As a justification it is patently thin. European nations will not war with one-another in the foreseeable future because none of them, apart from Germany, can afford it.
Now, if M. Sarkozy had the honesty to say that he wants the treaties rewritten because he's afraid that, without closer union, Germany will invade France then I'd applaud his honesty if not his valour.
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