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Europe
Europe's economic slump deeper than expected
2009-02-15
PARIS: 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.
Posted by:Steve White

#11   ...the recession, which started in the United States before spreading to most of the rest of the world.

Because despite the best efforts of various and sundry parties, our financial system is still more transparent than Europe's.
Posted by: trailing wife    2009-02-15 15:06  

#10  A failure rate of 10pc would lead to the collapse of the Austrian financial sector," reported Der Standard in Vienna. Unfortunately, that is about to happen
Posted by: Bright Pebbles the flatulent   2009-02-15 14:11  

#9   ...the recession, which started in the United States before spreading to most of the rest of the world.

Just one more thing for Europe to blame on us...

...because they need someone the blame because their bankers and investors held a lot of bad paper (sub-primes et al) because investing in Europe has been made unsustainable by socialist governments and programs whom the Euros voted and continue to vote into power. Don't expect them to figure it out.
Posted by: Procopius2k   2009-02-15 12:12  

#8  The G7 is just one more group like the UN and NATO that should only have one seat for Europe.

The EU wants to act like a nation than they should betreated as a single nation.
Posted by: AlanC   2009-02-15 08:59  

#7  ...the recession, which started in the United States before spreading to most of the rest of the world.

Just one more thing for Europe to blame on us...
Posted by: Raj   2009-02-15 08:41  

#6  Wow Tipper, yeah, that happened suddenly. Still I have faith that Irelands economic structure is sounder than Italys in the medium to long-term.
Posted by: .5MT   2009-02-15 08:10  

#5  Europe sank even deeper into recession than the United States in the closing months of last year..

Han Solo: You said you wanted to be around when I made a mistake, well, this could be it, sweetheart.
Princess Leia: I take it back.
Posted by: Procopius2k   2009-02-15 07:41  

#4  Let's see..........

During a worldwide economic downturn, Europe is worse off than the U.S.

One of our major political parties' policies is to make us more like Europe, knowing full well that this is the case.

Have I got that right?
Posted by: no mo uro   2009-02-15 07:08  

#3  Who drops the Euro first? Spain, Italy or Greece?

Probably Ireland
Posted by: tipper   2009-02-15 06:52  

#2  Europe also performed more poorly than the United States

Give the One time.
Posted by: g(r)omgoru   2009-02-15 06:33  

#1  Italy badly needs to devalue but can't obviously. Who drops the Euro first? Spain, Italy or Greece?
Posted by: .5MT   2009-02-15 06:07  

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