STOP NATO: ¡NO PASARAN! - HTTP://WWW.STOPNATO.ORG.UK --------------------------- ListBot Sponsor -------------------------- Get a low APR NextCard Visa in 30 seconds! 1. Fill in the brief application 2. Receive approval decision within 30 seconds 3. Get rates as low as 2.99% Intro or 9.99% Ongoing APR and no annual fee! Apply NOW! http://www.bcentral.com/listbot/NextCard ---------------------------------------------------------------------- [Via Communist Internet... http://www.egroups.com/group/Communist-Internet ] . . ----- Original Message ----- From: Downwithcapitalism <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Thursday, June 21, 2001 1:51 AM Subject: [downwithcapitalism] Recession forecast for Germany Scotsman. 20 June 2001. Recession fears loom over Germany. Germany is gripped by fears of a recession after leading economic institutes further downgraded growth potentials for the worlds third largest economy for the third time this year. A business slump just months before the introduction of the common currency would spell disaster for the euro on e-day come 1 January 2002. The headline on the front page of the Bild Zeitung, Germanys biggest-selling newspaper, said it all: "Banks worried about Germanys economy - is a recession on the way?" These fears are being fuelled by eminent financial minds such as Hans Reckers, president of the state bank of Hessen, who said: "We certainly cannot rule out a recession." Business analyst, Paul Hoffmann, from Berlin, said: "A recession before e-day would be the financial equivalent of the D-Day invasion being stopped on the beaches - and just as bloody." Germany experienced a 3.6 per cent inflation hike in May, some of it directly attributable to the euro as unscrupulous retailers and wholesalers used the dual marks-euro pricing system to swindle consumers. But the damaging data from leading economic institutes that further downgraded Germanys ability to grow is far more worrying. This means Chancellor Schrders bid to get unemployment down by 500,000 to 3,500,000 before the years end will be an impossibility. Unemployment expert Joachim Scheide, of the Institute for Economics, said: "The government will almost certainly not attain its target of substantially cutting the jobless queues." Sluggish consumer demand and pressures from the US, where interest rates have been cut five times this year, are stoking the concerns that slowdown could eventually translate into a damaging recession. "Recession looks more and more likely with every new round of downward revisions in the economic growth forecasts," said a pessimistic report in the influential Frankfurter Allgemeine Zeitung. * * * * Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/ ______________________________________________________________________ To unsubscribe, write to [EMAIL PROTECTED]
