Eurozone downturn ‘accelerating’ – death spiral?
Activity at European businesses hit a near three-year low in May, according to a survey by Markit. – BBC News
From BBC News
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.
French President Francois Hollande pushed for pan-European bonds, that would allow struggling nations to raise money at much lower interest rates.
But Germany says it will oppose such a scheme until there is more budget discipline across Europe.
“The flash PMI figures for May look horrible and provide a clear warning that eurozone GDP will almost certainly show a contraction in the second quarter after stagnating in the first quarter,” said Martin Van Vliet, from the bank ING.
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