A Breach in the Eurozone Dike
Throughout the crisis, it has been widely assumed – at least so far – that the the eurozone core would remain solid, and would continue to write the checks for the periphery’s distressed governments and banks. But, while all eyes have been on the European periphery, has the core been cracking?
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PRINCETON – While all eyes have been on the European periphery, has the core been cracking? The Bundesbank has lowered its forecast for German annual GDP growth in 2013 to 0.4%. The Central Bank of the Netherlands expects Dutch GDP to shrink by -0.5% this year – following a contraction of about 1% in 2012.