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Europe Has A Crisis — And It's Much Bigger Than Cyprus
In a way, Europe should be thrilled by the week that was because financial markets barely batted an eye at the crisis in Cyprus. But Europe has a problem on its hands that's bigger than Cyprus: The economy stinks. This week we got fresh proof that things are bad or getting worse. In France, the Flash PMI report (which is a mid-month look at the combined services and manufacturing sectors of the economy) came in dismal, with the output index falling to a four year low. Meanwhile, Germany's economy is the envy of Europe, but even they are not immune to trouble. You can see its Flash PMI jutted lower this week as well. ... (full story)
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