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IMF admits that the West is stuck in near depression
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BlondeHeadOn
Posts: 2,269 Forumite
Well doom-laden article from the Telegraph, here:
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8039789/IMF-admits-that-the-West-is-stuck-in-near-depression.html
"If you strip away the political correctness, Chapter Three of the IMF's World Economic Outlook more or less condemns Southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain and America in slump for a long time.
....
Given the risks, you would expect the ECB to stand by with monetary stimulus. But no....
The ECB is winding down its lending facilities for eurozone banks...."
Lots of other detail about the PIIGS etc, and effects for other economies. Worth a read if you are already in a gloomy mood - if not, I'd go out and enjoy the sunshine instead!!
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8039789/IMF-admits-that-the-West-is-stuck-in-near-depression.html
"If you strip away the political correctness, Chapter Three of the IMF's World Economic Outlook more or less condemns Southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain and America in slump for a long time.
....
Given the risks, you would expect the ECB to stand by with monetary stimulus. But no....
The ECB is winding down its lending facilities for eurozone banks...."
Lots of other detail about the PIIGS etc, and effects for other economies. Worth a read if you are already in a gloomy mood - if not, I'd go out and enjoy the sunshine instead!!
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Comments
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I thought the IMF were four-square behind the austerity measures?'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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That bit obviously got lost in translation....
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