Mon, Dec 24, 2012 - Page 15 News List

Euro survives a difficult year, further tests in store

BATTERED BUT UNBROKEN:During a turbulent year key stabilizing measures have been implemented, but analysts warn there are tough times ahead next year


The economic outlook is also clouded, with the eurozone in recession and expected to slow further while unemployment runs at a record 11.7 percent, rising to unprecedented levels of about 25 percent in Spain and Greece.

Against that background, German Chancellor Angela Merkel’s guarded words on the outlook seem appropriate.

“We have already achieved a lot but I think we still have a very difficult time ahead,” she said after the last EU leaders summit of the year earlier this month.

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