US corporate media continues to hammer Europe as it reports:
"The latest economic figures show that Europe is edging closer to recession, dragged down by the crippling debt problems of the 17 countries that use the euro.
These debt troubles have tormented the eurozone for close to three years and have defied leaders’ efforts to fix them. And the longer they take to resolve, the bigger they get."
Leaders from France, Germany, and Greece meet later on this week in the latest round of shuttle diplomacy to attempt to put a lid on the eurozone’s debt crisis.
Six eurozone countries — Greece, Spain, Italy, Cyprus, Portugal, and Malta — are in recession and others look feeble.
Europe’s stumbling economy is hurting recovery in other parts of the world. The European Union recorded a gross domestic product last year of $15.5 trillion — slightly more than the US output. It is also a major source of sales for the world’s leading companies. Any further economic problems would be felt in order books back in the United States and China.
Forty percent of McDonald’s global revenue comes from Europe — more than it generates in the United States. The company reported a 0.6 percent slump in meals served in Europe last month. Ford Motor Co. warned last week that auto industry sales in the region through July were the lowest in 17 years."
Note EU-Digest:" instead of blaming Europe for US economic woes the US corporate press and financial industry would do well to scrutinize their own economy which is in far worse shape than Europe. It also should not forget where all this economic mess started in the first place. This kind of concentrated negative reporting( Boston Globe, Wall Street Journal and others) is starting to look more and more like a conspiracy".
Read more: Europe’s leaders face post-holiday blues - Business - The Boston Globe
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