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Nov 15, 2012

Germany, France eke out third quarter growth

BERLIN/PARIS (Reuters) – Germany and France each grew by 0.2 percent in the third quarter but with the euro zone’s debt-laden members suffering deeply, the currency bloc as a whole is likely to have slid into recession.

The quarterly performance of Europe’s dominant economy reported on Thursday was in line with forecasts and analysts said it could not defy gravity for much longer. The French economy surprised on the upside, having been expected to post no growth at all after a revised 0.1 percent fall in the second quarter.

Nov 15, 2012

Germany, France eke out Q3 growth, worse times to come

BERLIN/PARIS, Nov 15 (Reuters) – Germany and France each
grew by 0.2 percent in the third quarter but with the euro
zone’s debt-laden members suffering deeply, the currency bloc as
a whole is likely to have slid into recession.

The quarterly performance of Europe’s dominant economy
reported on Thursday was in line with forecasts and analysts
said it could not defy gravity for much longer. The French
economy surprised on the upside, having been expected to post no
growth at all after a revised 0.1 percent fall in the second
quarter.

Oct 26, 2012

Greek opposition rejects new cuts but won’t force poll

PARIS (Reuters) – Greece’s opposition leader denounced international lenders’ demands as dealing the “final blow” to a devastated economy but said on Friday he would not seek to bring down the government.

Alexis Tsipras, head of the far-left Syriza party, said cuts to wages and welfare payments in a package the government agreed with the European Union and International Monetary Fund would pile misery on Greeks enduring a fifth year in recession.

Oct 24, 2012

French private sector shrinks again in October, points to recession – PMI

PARIS (Reuters) – French business activity shrank for the eighth straight month in October, albeit less sharply than in September, as depressed domestic demand and weak exports threaten to drag the economy into recession.

The Markit/CDAF flash composite purchasing manager’s index (PMI), a preliminary estimate of firms’ activity that covers manufacturing and services, inched up to 44.8 in October from 43.2 in September – its lowest level since March 2009.

Oct 24, 2012

French private sector shrinks again

PARIS (Reuters) – French business activity shrank for the eighth straight month in October, albeit less sharply than in September, as depressed domestic demand and weak exports threaten to drag the economy into recession.

The Markit/CDAF flash composite purchasing manager’s index, a preliminary estimate of firms’ activity that covers manufacturing and services, inched up to 44.8 in October from 43.2 in September – its lowest level since March 2009.

Oct 23, 2012

French industrial morale slides to two-year low

PARIS (Reuters) – Business morale in France’s manufacturing sector slumped in October to its lowest level in over two years as export demand from the euro zone weakened, adding to signs the bloc’s No. 2 economy is contracting.

National statistics institute INSEE said on Tuesday its indicator for morale in the manufacturing sector slumped to 85 in October, worse than the lowest estimate in a Reuters survey of 23 economists. The poll had forecast business morale would be unchanged from last month at 90.

Oct 22, 2012

France backs retroactive support for Irish banks

PARIS, Oct 22 (Reuters) – France backed on Monday a
retroactive recapitalisation of Ireland’s banks with euro zone
cash, highlighting uncertainties within the bloc over how to
deal with existing bad debts racked up by its lenders.

Germany has opposed using the euro zone’s permanent bailout
fund to cover such ‘legacy’ debts, though Chancellor Angela
Merkel has acknowledged that Ireland is a special case.

Sep 28, 2012

France unveils tough budget, Spain’s Rajoy wins time

PARIS/MADRID, Sept 28 (Reuters) – France unveiled an
austerity budget that would tax business and the super rich, but
a report showing Spain’s banks needed a manageable 59 billion
euros in new funds bought time for Prime Minister Mariano Rajoy
as he seeks to avoid a bailout.

Socialist President Francois Hollande’s 2013 budget amounts
to France’s toughest belt-tightening for 30 years as the debt
crisis takes its toll on the euro zone.

Sep 28, 2012

France targets deficit cut with tax-hiking budget

PARIS (Reuters) – President Francois Hollande’s Socialist government unveiled sharp tax hikes on business and the rich on Friday in a 2013 budget aimed at showing France has the fiscal rigour to remain at the core of the euro zone.

The package will recoup 30 billion euros for the public purse with a goal of narrowing the deficit to 3.0 percent of national output next year from 4.5 percent this year – France’s toughest single belt-tightening in 30 years.

Sep 28, 2012

Hollande stakes credibility on 2013 French budget

PARIS (Reuters) – President Francois Hollande puts his fiscal credibility on the line on Friday when he delivers France’s toughest budget in 30 years in the face of a stagnant economy, record unemployment and plunging opinion poll ratings.

The Socialist leader’s first full budget, to be presented to the cabinet at mid-morning, must secure 30 billion euros ($39 billion) in savings to keep promises on cutting the deficit made as part of euro zone efforts to end the debt crisis.