Spreadex Market Update
Cyprus trying to avoid economic meltdown
President Nicos Anastasiades is due to meet party leaders at 7:30am GMT in crisis talks after last night’s meetings to discuss a “plan B” broke up without a result. EU officials voiced frustration but little sympathy for an ambitious but now bust banking system that extended itself well beyond the island.
Austerity measures imposed in the UK are being met with ever increasing suspicion and distain from the general public with more and more believing that a switch in strategy will fare better for the economy. However, the austerity demanded by European policy makers in exchange for aid amid three years of debt woes is starting to deliver the competitiveness needed to restore economic growth.
At the price of a doubling in unemployment and near-10 percent plunge in labour costs, the so-called peripheral euro nations are reviving manufacturing and trade. The current- account deficits of countries that have been under stress diminished over the last years considerably.
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