ASIA
Snapshot
Concerns about the development of the European debt crisis continued to ease over the last month, as European leaders granted Greece the long-awaited second bailout package. While the Eurozone will experience a recession amid the fiscal retrenchment in the Southern European economies, resilient growth in Northern Europe will support economic activity. In the United States, the economic news flow remains mainly positive, with in particular the job market showing stronger than expected improvements and consumer confidence continuously gaining ground.
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