“You know, things are really not that bad in the eurozone,” said Christine Lagarde last night in the US
The debt of the 17 euro nations climbed to 87.2% of GDP in 2011 from 85.3% previously, the highest level since the introduction of the currency.
EU stock markets closed sharply lower as new even weaker economic data emerged, and the debt crisis claimed another government (the Netherlands). Stoxx 50 -2.9%, Germany -3.4%, France -2.8%, Italy -3.7%, Spain -2.7%, U.K. -1.8%. Continue reading