(HT Drudge) Eric Pfanner of the International Herald Tribune in "Europe's economic slump deeper than expected," writes
Europe sank even deeper into recession than the United States in the closing months of last year, according to figures published Friday, as finance ministers of leading industrialized nations gathered in one of the worst-affected countries, Italy, for discussions on the crisis.
In the fourth quarter, the economy of the countries sharing the euro declined by 1.5 percent, according to the European Union's statistics office. That is even worse than the 1 percent decline in the U.S. economy during that period, compared with the previous quarter.
"Today's data wipes out any illusion that the euro zone is getting off lightly in this global downturn," said Jörg Radeke, an economist at the Center for Economics and Business Research in London.
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ReplyDeleteHi, Dr. Wilson. Where does the 1% (decline for the US in the Q4 of 2008) come from?
ReplyDeleteOh, I see- they meant for the year in 2008 (since it was a larger number for the last quarter.) Thanks!
ReplyDeleteI understand that the UK financial markets took quite a hit as well. But to address this issue and a past issue at the same time, I dont think Starbucks London was effected that much. I was looking at the stocks for Starbucks London; and actually , Starbucks London is + 52.60 at 1,138.00. thats higher ( to my knowledge ) than its been in quite awhile. I dunno if that has to do with the past comment on people choosing dunkin' donuts or Mcdonalds over Starbucks; but you would think their stock would be hurting if not as many people are going there anymore. So in conclusion , Europe is hurting, but Starbucks isn't yet? i found it kind of strange-
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