• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

RANsquawk EU Market Re-Cap - 14th February 2013

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Thu, 02/14/2013 - 08:19 | 3242591 Josephine29
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Look at what the Euro "rescue" plan has done to Portugal!

The last quarter of 2012 was simply awful

Here are the numbers from Statistics Portugal.

The Portuguese Gross Domestic Product (GDP) registered a year-on-year change rate of -3.8% in volume in the 4th quarter 2012 (-3.5% in the previous quarter),

Ouch! How did we get there?

Comparing with the previous quarter, the Portuguese GDP diminished 1.8%

In essence as discussed above this represents a fading of the export boom which was discussed above as up until now this has hidden to some extent how poorly Portugal was doing in terms of domestic demand. If we look for a little more perspective we now see this.

In 2012, the Portuguese GDP diminished 3.2% in real terms (change rate of -1.6% in 2011).


These are dreadful numbers which prove that the Euro crisis is far from "over"...

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