Tuesday, November 29, 2011

OECD: euro collapse would have 'highly devastating outcomes' worldwide






OECD: euro collapse would have 'highly devastating outcomes' worldwide
Chief economist Pier Carlo Padoan scolds hesitancy of European leaders in grave warning on global economic health

The collapse of the euro could send the world's advanced economies into a severe recession, dragging emerging markets with them into the mire, the Organisation for Economic Co-operation and Development warned on Monday.

The Paris-based thinktank slashed its forecast for growth among its 34 members from 2.3% half a year ago to 1.6%, with Europe dramatically downgraded from 2% to just 0.2% because of the unresolved sovereign debt crisis.

http://www.guardian.co.uk/business/2011/nov/28/oecd-eurozone-world-economy-warning

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