Thursday, November 10, 2011

Italy's economy in crisis, France under strain and fears WE could be dragged into a second recession... we are not in recession?

The economic contagion claimed Italy as its biggest victim last night, leaving Europe facing a ‘lost decade’ of financial chaos.

Experts said Britain would be dragged into a second recession unless eurozone leaders get a grip on the debt crisis.

Borrowing rates on Italy’s towering debts of £1.6trillion went off the scale yesterday.

And with increasing concern that the euro is disintegrating, Christine Lagarde, head of the International Monetary Fund, said that without concerted action we ‘run the risk of what some commentators are already calling a lost decade’.

George Magnus, senior economic adviser at UBS Investment Bank, said: ‘The implications for the UK are enormous – for our banks and our economy and our jobs.’ Read More