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EU Says Eurozone Economy “Coming to a Standstill”

Citing the ongoing European debt crisis and weaker demand for goods from Germany and other European exporters, the European Commission has slashed its growth prediction for the second half of the year. The commission now places growth for the Eurozone at a mere 0.2 percent for the third quarter – for the final quarter of the year, growth projections have been reduced from 0.4 percent to just 0.1 percent.

“Recoveries from financial crises are often slow and bumpy. Moreover, the EU economy is affected by a more difficult external environment, while domestic demand remains subdued,” EU Economic Affairs Commissioner Olli Rehn said at a news conference to unveil the report.

“The sovereign debt crisis has worsened, and the financial market turmoil is set to dampen the real economy.”

Source: BBC News [1]

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Scott Boyd

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