The severity of the threat the eurozone recovery
May 13, 2010
The austerity looks dangerous for the fragile European recovery. The euro zone grew just 0.2% of GDP in the first quarter, after stagnation in the previous quarter, according to figures released yesterday by Eurostat. A growing too winded to help reduce the huge deficits of the Old Continent, and is likely to falter with the plans of rigor in the pipeline in several countries.
"The European leaders saved the euro area this weekend, but they have announced draconian measures that will aggressively cutting budgets. This will weigh heavily on growth in the second half, "warns Philip Gijsels, head of the research division at BNP Paribas Fortis, which does not relapse into negative territory.
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