The Phaserl


Euro Area Economy – Still Going Down the Drain

by Pater Tenebrarum,

Not Even Germany Can Pull It Up – Sixth Negative Quarter in a Row

The economic news from Europe aren’t getting any better, in spite of the abatement of crisis conditions in the financial markets. Once again the news were ‘worse then expected’, which has become standard operating procedure.

Reuters informs us:

“Falling output across the bloc, from France to Finland, meant the 17-nation economy shrunk 0.2 percent in the January to March period, the EU’s statistics office Eurostat said.

That was slightly worse than the 0.1 percent contraction forecast by economists polled by Reuters and highlighted the devastating impact of the euro zone’s debt and banking crisis that has driven unemployment to a record 19 million people.

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