Erik Nielsen News
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Europe’s economy probably shrank in the fourth quarter for the first time in 2 1/2 years as the region’s debt crisis undermined confidence and prompted governments to toughen austerity measures, economists said.
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European finance chiefs get the second chance in a week to pull Greece back from the brink of collapse after lawmakers in Athens approved the austerity measures demanded for a financial lifeline.
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Greek Prime Minister Lucas Papademos struck a tentative deal with political parties on austerity measures demanded by international creditors as European leaders maintained pressure to complete terms for a 130 billion-euro ($171 billion) rescue package.
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Europe is making progress toward resolving its debt crisis and investor confidence is returning, said panelists at the Bloomberg Sovereign Debt Crisis Conference.
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European Central Bank President Mario Draghi may act more like Ben S. Bernanke than Jean-Claude Trichet in 2012.
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Portugal’s borrowing costs are “unsustainable” after the interest paid on an auction of 1 billion euros ($1.4 billion) of government bonds surged, Goldman Sachs Group Inc. Chief European Economist Erik Nielsen said.
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European industrial orders increased less than economists estimated in October, adding to signs of a deepening economic slump in the single-currency region.
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Europe’s economy would be hurt by a sustained disruption to air travel caused by last week’s Icelandic volcanic eruption, said economists at Goldman Sachs Group Inc. and IHS Global Insight.
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European leaders’ effort to save the euro hinges on support from investors, central bankers and credit-rating companies to win the months needed to put a revamped budget rulebook into practice.
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Ireland faces a “messy” four weeks as the government prepares its 2011 budget and tries to reassure investors, Goldman Sachs Group Inc. Chief European Economist Erik Nielsen said.
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