-------------------- Received: from mailsorter-101-3.iap.bryant.webtv.net (209.240.198.99) by postoffice-132.iap.bryant.webtv.net; Sat, 6 Mar 1999 16:29:53 -0800 (PST) Return-Path: <[EMAIL PROTECTED]> Received: from daffy.fni.com (daffy.fni.com [204.181.104.132]) by mailsorter-101-3.iap.bryant.webtv.net (8.8.8/ms.graham.14Aug97) with ESMTP id QAA06658; Sat, 6 Mar 1999 16:29:48 -0800 (PST) Received: from ns1.fni.com (ns1.fni.com [204.181.104.1]) by daffy.fni.com (8.9.2/8.9.3) with SMTP id SAA20715; Sat, 6 Mar 1999 18:31:04 -0600 (CST) Received: by ns1.fni.com (TLB v0.10a (1.23 tibbs 1997/01/09 00:29:32)); Sat, 06 Mar 1999 18:20:43 +0000 (CST) Received: (from majordom@localhost) by ns1.fni.com (8.9.3/8.9.3) id SAA19164; Sat, 6 Mar 1999 18:20:41 -0600 Received: from watch.org (pm3-1-16.fni.com [204.181.104.208]) by ns1.fni.com (8.9.3/8.9.3) with ESMTP id SAA19158 for <[EMAIL PROTECTED]>; Sat, 6 Mar 1999 18:20:38 -0600 Message-ID: <[EMAIL PROTECTED]> Date: Sat, 06 Mar 1999 18:15:38 -0600 From: "Koenig's International News" <[EMAIL PROTECTED]> X-Mailer: Mozilla 4.5 [en] (Win95; U) X-Accept-Language: en MIME-Version: 1.0 To: [EMAIL PROTECTED] Subject: The Euro Tumbles: The Economies Are Slowing To Content-Type: text/plain; charset=iso-8859-1 Content-Transfer-Encoding: 8bit Sender: [EMAIL PROTECTED] Precedence: bulk Note from Bill Koenig: The euro continues it's tumble and some of the European economies are slowing substantially. Germany has lowered their growth projection for 1999 to 1.5% from 2.8%. Germany is one-third of the euro zone's total economy. Italy, Europe's third largest economy, is off too. It looks like the "oasis" is the American economy for the moment. How long will it last? The excerpts below (link included) are from an article in the New York Times this week. (Thanks to David Hamilton for sending it our way.) To view the article it might require a short (free) registration. There main page is http://www.nytimes.com if registration is necessary. I recommend the New York Times because they continue to provide timely and helpful material. I am also impressed by their concise format and the eye for the relevant. _________ The Euro Falls, and Some Find Economic Fault http://www.nytimes.com/library/financial/030399euro.html FRANKFURT, Germany�In the two months since the European single currency was introduced, pretty much the only direction it has moved is down. >From a buoyant and technically smooth start-up on Jan. 4, the euro has steadily slipped against the U.S. dollar. An initial exchange rate of $1.17 is now around $1.09. The decline has surprised most experts and puzzled the overseers of the new currency at the European Central Bank. It could also strain relations with the United States, where government officials now loudly complain that Europe has to do more to stimulate world growth. A weak euro makes that harder, because it increases the price of imported goods and diminishes European demand for them. The euro�s troubles reflect a series of economic and political developments that have taken the shine off Europe and its new currency. Economic growth has sharply slowed, particularly here in Germany, while the United States has defied expectations with an unrelenting pace of torrid growth. European sluggishness has been notable in Germany, which accounts for one-third of the euro zone's total economy. On Tuesday, the German Chambers of Industry and Commerce said companies now expect the economy to grow only 1.5 percent this year, down from 2.8 percent in 1998. The German central bank has already estimated that the economy declined 0.4 percent in December. "There are clouds spreading over the German economy, and the sunshine has disappeared," said Franz Schoser, the chambers' managing director. In Italy, Europe's third-largest economy, things are worse. The Italian government said on Monday that economic growth last year was only 1.4 percent, far short of its projections. At the same time, economic expansion has made the United States a magnet for foreign money, increased the demand for dollars, and reduced that for euro investments. "If you look at the two economies," said Stefan Schneider, chief European economist for Banque Paribas, "they just seem to be going in opposite directions." Koenig's International News - Bill Koenig - http://watch.org/ Post Office Box 671164, Dallas, TX 75367 ________________________________________________________________________ FishNet: Internet service for business and ministry http://www.fni.com/ To subscribe or unsubscribe by Web: http://watch.org/watch-news.html To subscribe to the list send mail to [EMAIL PROTECTED] with no subject and a single body line: subscribe To unsubscribe from the list send mail to [EMAIL PROTECTED] with no subject and a single body line: unsubscribe
