Posted on September 26, 2011
European Debt Crisis and a Possible Global Recession
Europe is now on the brink of recession as widening credit spreads and draconian fiscal austerity, along with uncertainty and risk, have slowed manufacturing and other economic activity. The contagion of a likely Greek default has not been contained. U.S. Treasury Secretary Timothy Geithner has made it clear that, “The threat of cascading default, bank runs, and catastrophic risk must be taken off the table, as otherwise it will undermine all other efforts, both within Europe and globally.”
While most agree he is correct, there is no unanimity in what should be done and time is wasting. Read on… the complete article is available from BMO Capital Markets Economics by following this link.
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