The media and Europhiles are hugely excited at the headlines today that proclaim that the eurozone is out of recession.
As per the BBC, the eurozone has emerged from recession after a record 18 months of economic contraction.
GDP grew by 0.3% in the second quarter of 2013, slightly ahead of forecasts. Germany and France dragged the eurozone out of the recession with growth of 0.7% and 0.5% respectively. However, Spain experienced contraction of 0.1% on the quarter, and Italy and the Netherlands both saw output drop by 0.2%.
The eurozone cannot survive in its present form where the rich Northern countries prosper whilst the poor Southern ones collapse, just ask the good people of Greece (with close to 65% youth unemployment) if they feel that they are now out of the recession.
Blog Archive
-
▼
2013
(33)
-
▼
August
(11)
- Greece Wants To Renegotiate Bailout Terms
- Banks Embroiled In Another Mis-selling Scandal
- Greece Needs Another Aid Programme
- Banks Play The Old Switcheroo
- Eurozone Out Of Recession?
- Pre Election House Price Bubble On Its Way
- Greece Imploding
- Greek Youth Unemployment Close to 65%
- UK Economy Heads Towards Escape Velocity
- UK Construction Jumps
- Lloyds Back In Profit
-
▼
August
(11)
Popular Posts
-
In May Greek youth unemployment was almsot 65%, in June it showed a slight "improevment" falling to 58.8%. However, when compared...
-
As loyal readers know, I have on numerous occasions noted that the financial services industry in the UK has tarnished its image because of ...
-
Youth unemployment in Greece has risen to a shocking 64.9% in May. Levels of unemployment such as this are normally associated with third ...
-
Last week I wrote that Greece had been given a three day deadline to reassure Europe and the International Monetary Fund that it could del...
-
Following last week's website crash on its relaunch, the TSB has yet again managed to drop the ball; this time by mis-spelling Ashtead ...
-
The newly launched TSB bank (split for Lloyds) has had a less than stellar first day, as its website has crashed. Hardly a good augury for ...
-
As expected China's economic growth slowed to 7.5% in the second quarter of the year. The Chinese statistics bureau said the slowdown...
-
As I have noted before, the British economy is driven by the property market and people's confidence (usually misplaced, given that prop...
-
Martin Wheatley, the CEO of the Financial Conduct Authority (FCA), is currently appearing before the Treasury Select Committee. He is less t...
-
Lloyds Banking Group has returned to profit, and has made £2.1bn in the six months to the end of June. This compares very favourably with th...