European Union leaders gather for their first summit of 2012 as a deteriorating economy and struggle to complete a Greek debt writeoff risk sidetracking efforts to stamp out the financial crisis.
EU chiefs arrive in Brussels about 2 p.m. today to put the finishing touches on a German-led deficit-control treaty and endorse the statutes of a 500 billion-euro ($661 billion) rescue fund to be set up this year. Greece and its private creditors said Jan. 28 they expect to complete a deal in coming days after bondholders signaled they would accept European government demands for a bigger cut in their debt holdings.
Monday, January 30, 2012
Obama Recovery is No ’Morning in America’ Yet
The brightening economy as the 2012 election year begins doesn’t yet match Ronald Reagan’s “Morning in America.”
President Barack Obama presides over an economy that eluded the threat of a double-dip recession in mid-2011 and now is strengthening, with growth accelerating in the fourth quarter to a 2.8 percent rate, the fastest in 18 months, from 1.8 percent the previous quarter.
Still, the pace remains well short of the recovery that helped propel the re-election of Reagan -- who, like Obama, faced a contraction considered in its time to be the worst since the Great Depression and also lost congressional support in mid- term elections.
President Barack Obama presides over an economy that eluded the threat of a double-dip recession in mid-2011 and now is strengthening, with growth accelerating in the fourth quarter to a 2.8 percent rate, the fastest in 18 months, from 1.8 percent the previous quarter.
Still, the pace remains well short of the recovery that helped propel the re-election of Reagan -- who, like Obama, faced a contraction considered in its time to be the worst since the Great Depression and also lost congressional support in mid- term elections.
Euro-Area Economic Confidence Rises Less Than Forecast
Euro-area confidence in the economic outlook improved less than forecast in January as the region’s leaders struggled to stamp out a two-year-old financial crisis and revive growth.
An index of executive and consumer sentiment in the 17- nation euro area rose to 93.4 from a revised 92.8 in December, the European Commission in Brussels said today. That’s the first increase since February 2011, though it’s less than the median prediction of 93.8 in a Bloomberg survey of 30 economists.
An index of executive and consumer sentiment in the 17- nation euro area rose to 93.4 from a revised 92.8 in December, the European Commission in Brussels said today. That’s the first increase since February 2011, though it’s less than the median prediction of 93.8 in a Bloomberg survey of 30 economists.
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