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Eurozone on Verge of Recession, Juncker Alarms |
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Thursday, 19 January 2012The euro zone is on the verge of technical recession, Jean-Claude Juncker, president of the European single-currency area's Finance Ministers, has warned.
"In the euro zone, we are on the brink of a recession, albeit a technical one," Juncker told reporters on Wednesday, as cited by The Wall Street Journal. "I think there's no alternative to budget consolidation."
On Wednesday, Juncker met with Belgian Prime Minister Elio di Rupo.
"Economic growth and job creation must go alongside budgetary restraint," the eurogroup president pointed out after the meeting.
He further stated that no difficulties have been observed on the market since rating agency Standard & Poor's downgraded the European Financial Stability Facility on Monday.
"In any case, generally, one shouldn't pay too much attention to ratings agencies," Juncker commented. |
Thursday, 19 January 2012
Novinite
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