FINANCIAL TIMES: The eurozone crisis has led to the region’s economy contracting at the fastest pace for almost three years and sent German business confidence tumbling this month.
Gloomy economic surveys released on Thursday showing worries about the future stability of Europe’s monetary union hit economic activity more than economists feared, with the eurozone decoupling from growth trends elsewhere in the world…
Separately, the Munich-based Ifo institute said its German business confidence index had tumbled from 109.9 in April to 106.9 in May, the lowest since November. The index saw a larger monthly drop last August, but otherwise the fall was the biggest since late 2008 when the global economy was reeling from the collapse of Lehman Brothers investment bank… (more)
