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The Euro Area's Flagging Economy; The Shadow of Recession
Article from Bulletin/Magazine
The Economist (http://search.proquest.com/) vol. 400 no. 8752 (Sep. 2011)
Perpustakaan Pusat (Semanggi)
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Lihat Detail Induk
Bad news about the euro area now streams from all directions. European finance ministers flunked hard decisions on combating the debt crisis at a meeting in the Polish city of Wroclaw on September 16th and 17th and instead floated the irrelevant idea of a tax on financial transactions. Italy's credit rating was downgraded this week by Standard & Poor's (S&P). In Athens, the Greek government and the troika of international institutions overseeing its austerity programme have been sparring over what else Greece needs to do to get its next, EUR 8 billion ($11 billion) tranche of bail-out funds. Evangelos Venizelos, the Greek finance minister, complained that Greece was being "blackmailed and humiliated", although it has little choice but to knuckle down: on September 21st, it announced measures to raise taxes, speed up public-sector lay-offs and cut some pensions. A decision on the money is expected in October.
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