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(SMH) Tim Colebatch–The world holds its breath as Europe struggles in the quicksand

Posted on May 22, 2012 by Kendall Harmon

The immediate future of the global economy, including Australia, now depends on Europe, and whether it can restore confidence to markets. If European leaders can resolve their tangle of problems, growth is ahead of us. If they can’t, all bets are off.

Pessimism comes more naturally than optimism. It is now five years since we first heard the phrase ”the sub-prime crisis”, which rang the end of a golden era of debt-financed growth. Since then, we’ve had years of recurring crises, summits and resolutions that promised to solve the problems, but haven’t.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Australia / NZ, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, France, Germany, Globalization, Greece, Stock Market, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--