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More Macro News….

As reported by the BBC, the european commission is now re-forecasting its economic growth figures:

Brussels is now forecasting 2.4% growth in the 27-member union in both 2008 and 2009, compared to 2.7% this year.

In the 13-member eurozone, growth is expected to slow to 2.2% next year, down from the 2.6% projected for 2007.

European banks have not been immune to the global credit crisis triggered by the slump in the US housing market.

Several German and French lenders have already experienced problems due to bad mortgage-backed investments, although not nearly on the same scale as in the US.

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November 11, 2007 - Posted by | Macroeconomic News | , , , , , ,

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