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European leaders returned to the hunt for solutions to the debt crisis, helping Italy and Spain gain a a respite from the market turbulence after the resumption of the European Central Bank’s bond-buying program. With global stock markets sinking for an eighth day, the European Commission earned a rebuke from Germany after calling for another reinforcement of the European Financial Stability Facility, the 440 billion-euro ($623 billion) rescue fund for distressed euro-area states.
Originally posted by JakiusFogg
Australia's central bank has cut its forecast for growth due to a "slower-than-expected" recovery from floods earlier this year. The Reserve Bank of Australia (RBA) said it expected growth to be 3.25% in 2011, down from its earlier projection of 4.25%.
BBC News - Australia
Yeah exactly.....this is what I just don't understand. It was only a few days ago (yes days) that Australia was looking at an interest rate rise due to a potential over heating of the economy!!?? WHAT DATA ARE THESE MORONS LOOKING AT?? I mean come on! The debt problem has been here since the GFC so....hey...this is not even news!
Originally posted by thoughtsfull
reply to post by woodwardjnr
From sitting on top of the fence I watch myself arguing both sides..
It has the feel of being manufactured... this is what my gut says, but looking at the way the markets are behaving it also seems a natural conclusion to the mess we are in..
I doubt we will ever get to the bottom of it really... but I do have to wonder as I feel like a sheep being led to the slaughter.
German industrial production unexpectedly decreased in June as construction activity waned and investment goods output dropped. Production declined 1.1 percent from May, when it rose a revised 0.9 percent, the Economy Ministry in Berlin said today. Economists had forecast a gain of 0.1 percent, the median of 26 estimates in a Bloomberg News survey showed. In the year, output rose 6.7 percent when adjusted for working days.