While the biggest surprise out of Europe this morning was the fourth consecutive sub-1% inflationary print...
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... lack of soaring prices is hardly a bad thing for the millions of Europe's unemployed (if not so good for its banks drowning in trillions of non-performing loans which they desperately need to inflate away).
Which incidentally is the topic of this post: for those curious how the most devastation depression in the history of the Eurozone is "improving" some four years after the first Greek bailout, look no further than these charts. For those who live in Spain and Greece - we know you have no job, but please ask your government to change not only the definition of GDP but also unemployment. After all that is the only way things will ever improve in your country.
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