Tuesday 10 March 2009

World in grip of 'Great Recession', IMF warns

Telegraph
"When we release our next package of forecasts at the spring session, that is to say in April, everything leads us to believe that it will indeed reveal a negative global growth for the first time in 60 years,"
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Gold looks set to move substantially higher as governments all around the world embark on a programme of "quantitative easing"
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Overvalued euro set to plunge 'within months'
"Quite a significant correction in the euro is coming in the next few months. The European Central Bank (ECB) is behind the curve in getting to grips with its economic problems," said David Buik of BGC Partners."
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Subprime Europe (New York Times)
"Well, believe it or not, Europe’s current crisis is scarier. For while losses on Eastern European debts may be only a small fraction of those on subprime mortgages, the continent’s problems are politically harder to solve, and their consequences may prove to be much worse."
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'We are all in this together': Darling urges EU bailout of East European countries (Daily Mail)
"He spoke out as the Baltic states and the other former communist countries that only recently joined the Union teetered on the brink of financial collapse."
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Thanks to the Bank it's a crisis; in the eurozone it's a total catastrophe (Telegraph)
"Spain's agony is already well advanced. Industrial output has fallen 24pc. Some 352,000 people have lost their jobs in two months. BBVA expects unemployment to reach 20pc next year, touching 4.5m. Premier Jose Luis Zapatero can do nothing as long as Spain remains in monetary union."

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