Australia Warns About Coming “Eurogeddon”
Long Eurozone debt crisis, recession increase and banking system instability will lead to a “Eurogeddon”. Agence France-Presse reports that such statement is contained in the research of Australian economic consulting group Deloitte-Access Economics (which also renders advisory opinion to the Australian Government).
The survey shows that “Eurogeddon” may be the same shattering as the financial drop of 2008-2009 and it will be deepened by lower attention from authorities. According to the experts at Deloitte-Access Economics, this time the authorities make much less actions directed to risk reduction than 3 years ago. In particular, the countries cut their foreign debts too slowly.
The consulting group put the euro destiny issue on top for handling in 2012. This year due to recessionary occurrences the demand for goods, raw and energy sources is to change for worse sharply, including for coal and steel.
The organization experts consider China to be the most suffered country from the European recession, its demand downturn is to shrink the population income and the state budget.
The word “Eurogeddon” came into general use in the 4th quarter 2011 in blogs and financial press. Economists use it at euro crash or at a huge recession within the Eurozone which is to result in lower growth paces in other regions.