The recession in the EuroZone is spreading
Six out of the 17 EuroZone countries are now in recession, as of second quarter data released today. The decline in growth for Italy (down 0.7%), Spain (down 0.4%) and Portugal (down 1.2%) was enough to pull the EuroZone economy as a whole down to a 0.4% decline from the second quarter of 2011.
Spain auctions bonds but yields soar; data shows even Germany slipping toward recession
Spain sold 2.2 billion euros ($2.77) of bonds this morning. The good news is that total sales were more than the Spanish government had set as a minimum target. The bad news is that yields spiked. SAnd economic data this morning indicates that all of Europe, even Germany, looks headed to recession
The European Central Bank probably won’t cut interest rates when it meets tomorrow
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