ECB’s Hurley Says Euro Economy to Contract Next Year

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Several months back, the eurozone national governments fell into ‘Ponzi’ as growth prospects went negative.

They now seem to be in that downward spiral of falling revenues, rising transfer payments, and rising credit default premiums.

Without a fiscal response to restore growth this will only get worse, and the National governements are, by treaty and by market dependence, in no position to enact a meaningful fiscal expansion.


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