Euro Crisis : Eurozone Economy Contracts

The eurozone economy is now 0.4pc smaller than it was a year ago, whist the region contracted 0.2 pc in the second quarter, eurozone GDP figures released this morning show.

Weak household consumption across the region (Germany excepted) and slower investment plans are to blame, according to analysts.

In other euro crisis news, there are concerns a potential new European Stability Mechanism (ESM) lawsuit may delay the ruling by the German constitutional court scheduled for September 12 and, consequently, the implementation of the ESM by several weeks or even months.

Meanwhile, data from the Bank of Spain out this morning shows Spanish  banks borrowed a record high of €402bn from the European Central Bank in   July, up from €365bn in June.

 

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