E.U. Warns of Possible Recession in Eurozone.....

[MMC]

http://news.yahoo.com/eu-warns-possi...093842226.html
AP – 52 mins ago.....

BRUSSELS (AP) — The European Union warned Thursday that the 17-country eurozone could slip into "a deep and prolonged recession" next year as the debt crisis shows alarming signs of spinning out of control.
The EU's economic watchdog, the European Commission, said its central forecast is that the eurozone will grow by only a paltry 0.5 percent in 2012. That's way down on the 1.8 percent prediction it made in the spring.
"This forecast is in fact the last wake-up call," the EU's Monetary Affairs Olli Rehn warned. "Growth has stalled in Europe, and there is a risk of a new recession."

Elsewhere in its half-yearly predictions, the Commission said unemployment in the eurozone would be stuck at 9.5 percent for the foreseeable future. That's even higher than the 9 percent rate in the U.S.

Several other states that have so far not been caught up in the debt storm will soon risk sanctions under new EU spending rules if they don't implement additional measures to get their budgets control, Rehn warned.
The countries that may face sanctions first are the eurozone nations of Belgium, Cyprus, and Malta, as well as Hungary and Poland, which do not use the euro.
Under the new rules, set to come into force in mid-December, sanctions for countries that break the caps on budget deficits and debt levels become more automatic, in an effort to prevent a worsening of the debt crisis.....snip~

Recession thats what they will call it. Then a Double Dip Recession. Guess what there is no such thing as a double dip recession. Its called DEPRESSION. They just don't want to tell the truth like it is. Again, I would not trust anything these asswipes in the EU have to say about our economy. They havent got it right all year.

Now you see why the French are making the moves that they have. They know unemployment is going to go higher than ours. Yet again they will call it a recession. The Brits already stated they got it wrong, and are now into Hyper-inflation. The EU Economists have been wrong on their stats all year. Course they look to our economy to see what we are doing. How it will affect those that are in buisness with us.

O.5 growth.....does this tell us anything? Plus I would have you take note on the Countries they want to apply sanctions to. Who are not in the EU. So just how can they apply those sanctions? Telling them they need to straightnen out their economies an their budgets. If I was any of these Countries. I would tell the EU to $#@! off. Especially if they are going to make the sanctions Automatic. Thats right Automatic. Now what in the hell is that about?

Greece, Cyprus, and Malta they should throw together their own coalition. Same with Poland Belgium and Hungary. This way then when they apply those Sanctions. They can then declare war on the EU and their Prospect for the NWO Presidency. France!

[Peter1469]

The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?

[MMC]

The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?

Who do you think is the major problem within the EU for all other 16 Countries Peter?
Why is it they are always attempting to dictate to Germany? Another thing I have to ask is.....Who did Germany pay off those War Reperations to?

Note the Brits raised Corporate taxes and gave a stimulus and it didnt work.

[Conley]

The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?

Exactly. No oversight and a couple boatload of members with bad habits can bring the whole house of cards down as we're witnessing.

[Peter1469]

I did not say that the problem with the Eurozone is the 16 other countries.

I expect that the 16 other nations feel that way because Germany is the only nation holding the Eurozone together.

The reason the Eurozone will fail is because the 17 nations all have divergent national interests, and those become much more apparent when the economy busts.

[Peter1469]

The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?

Exactly. No oversight and a couple of members with bad habits can bring the whole house of cards down as we're witnessing.

It is more than a couple. Portugal, Ireland, Italy, Greece, Spain. And also Ireland, Portugal and the Netherlands.

[Conley]

The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?

Exactly. No oversight and a couple boatload of members with bad habits can bring the whole house of cards down as we're witnessing.

It is more than a couple. Portugal, Ireland, Italy, Greece, Spain. And also Ireland, Portugal and the Netherlands.

True true. OK, I will go back and edit.

[Conley]

They are trying to use sanctions now to enforce the spending rules? Talk about closing the barn doors after the horses have escaped...

[MMC]

I did not say that the problem with the Eurozone is the 16 other countries.

I expect that the 16 other nations feel that way because Germany is the only nation holding the Eurozone together.

The reason the Eurozone will fail is because the 17 nations all have divergent national interests, and those become much more apparent when the economy busts.

What I meant was who is always putting the pressure on all the others to help carry themselves? While using the US and the IMF.

[Conley]

I did not say that the problem with the Eurozone is the 16 other countries.

I expect that the 16 other nations feel that way because Germany is the only nation holding the Eurozone together.

The reason the Eurozone will fail is because the 17 nations all have divergent national interests, and those become much more apparent when the economy busts.

What I meant was who is always putting the pressure on all the others to help carry themselves? While using the US and the IMF.

This is going to turn into another MMC anti-France rant isn't it?