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Activity at European businesses hit a near three-year low in May, according to a survey by Markit. Its index, based on a survey of purchasing managers in the manufacturing and service sector, fell to 45.9 in May, a 35-month low. In response, the euro fell to $1.2515 against the dollar, a 22-month low. A summit of European leaders on Wednesday evening failed to boost confidence, as leaders disagreed over how to tackle the crisis.
Originally posted by AQuestion
reply to post by michael1983l
If the western world and asia own the world, how is it that we can all suffer a collapse and not the third world which owns nothing? How is it that the richest countries can all be destroyed economically and the poor countries gain so much? Just some things to consider.
To add to this the markets have been spooked by the lowest recorded output by the eurozone countries in 3 years.
Originally posted by verschickter
Well, not everyone was lucky with the Euro. Prices nearly doubled in Germany for some products over night.
The eurozone's engine-room of France and Germany is now being hit by Europe's economic slowdown, gloomy new indicators have revealed. So far, the 17-nation bloc's downturn has been confined mainly to its periphery - with Greece, Portugal and Ireland all seeking bailouts. But an index measuring broad economic activity across the monetary union in May showed its weakest outcome since mid-2009, during the global financial crisis.
Merkel to unveil 'East German-style' rescue plan to solve Greece problem and save the single currency Aims to revive Greece in same way as East Germany after Communism Ailing countries to be transformed via mass privatisations Germany's private sector worryingly in decline for first time in six months France's slump in same sector is the steepest for just over three years Gives urgency to keeping Greece's debt crisis from tearing euro apart Euro bonds splits growth-led France and austerity-pioneers Germany Spain ponders creating single nationalised bank out of its failed lenders Greek election 'has become referendum on austerity measures'