There will be familiarity to start with: markets will rise towards the first summit, scheduled for the end of January, and plunge again in the aftermath of indecision.
The big questions will remain the same: where’s the financial backstop (ECB?); where’s a proper firewall (EFSF?); and how to create a fiscal union from countries as different as Greece and Germany?
Euro-zone Debt Crisis Affects Emerging Europe Ratings Outlook
that the crisis engulfing the euro zone is dragging down the outlook for emerging Europe. The sovereign debt crisis is leading to weaker economic growth, heightened financial vulnerabilities and some negative rating actions in emerging Europe, Fitch said in a report.
The ratings company recently cut its 2012 growth forecast for the region to 2.8%, from 4.1% in its last forecast in June. This largely reflects the impact of the downward revision to GDP growth in the euro zone to just 0.4% in 2012, Fitch said. Russia should grow by 3.5%, it added. Read more..
Euro Zone Debt Woes, Slowdown In China To Dampen 2012 Global Growth
Global growth is likely to be capped in 2012 by Europe's ongoing debt crisis and a slowdown in Chinese expansion, Bond investor PIMCO says in a new economic outlook released Thursday.
The 17-nation euro zone is facing recession in 2012 because of sovereign debt problems, while China will likely slow its growth to around 7% next year, causing global expansion to slow. PIMCO's Saumil Parikh forecasts the global economy to grow between 1% and 1.5% in 2012, down from the 2.5% growth rate seen in 2011.
The biggest problem facing the global economy is a likely recession in the euro zone, which is facing broad deleveraging from its banking sector and individual countries themselves as leaders try to get the debt crisis under control, PIMCO said in the report. Read more..
Analysis - Searching for glimmers of euro zone hope in 2012
The European crisis isn't as deep and terrible as people think," Mobius, who oversees $50 billion (31 billion pounds) in emerging market investments, told Brazil's Valor Economico newspaper, saying he expected Europe's crisis to be over by June 2012.
European policymakers are not as bold as that. They have learnt over the past two years just how dangerous it is to make overly positive policy pronouncements.
But the progress in getting 26 of the EU's 27 countries to back tighter fiscal rules for the euro zone - Britain remains outside - and the fact Mario Draghi, the ECB president, is positive about what is being called a new "fiscal compact" has given some officials room to feel slightly more optimistic. Read more..
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I too, think that the Eurozone crisis will be a big part of the 2012 economies. It bothers me how much the banks are tied in a death struggle right now globally and how debt is both the problem and apparently the answer to getting out. Goes against common sense.
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