Ben May News
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Euro-area services and manufacturing output contracted more than economists estimated in March, adding to signs the currency bloc’s economy is struggling to emerge from a recession.
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Euro-area industrial output fell more than economists forecast in January, adding to signs that the region’s recession extended into the first quarter.
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European inflation slowed more than economists forecast this month, cooling to the least in more than a year as the economic slump showed signs of deepening.
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European unemployment held at the highest in almost 12 years in May as the debt crisis made companies reluctant to add workers.
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Exports and government spending helped Europe’s economy sustain a recovery in the first quarter, countering a continued slump in company investment.
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The euro-area inflation rate unexpectedly fell in January as high unemployment and austerity measures across the 17-nation currency bloc damped demand.
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Greece’s budget deficit will narrow to 7 percent of economic output in 2011, about half of last year’s level, after the government cut spending and raised taxes to secure a European Union-led rescue and avoid default.
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Greece’s austerity drive may pass its first test this week as a European Union-led mission prepares to dole out more rescue funds for a government trying to cut the euro-region’s second-biggest budget gap and weather a recession.
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Spanish government bonds advanced for a third day on speculation euro-area leaders will deploy their bailout facilities to buy sovereign debt.
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German Chancellor Angela Merkel ’s coalition may be backing away from signals it was willing to accept a Greek debt restructuring as the government tries to put off an outcome that some investors say is only a matter of time.
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