Eurozone
confidence falls amid deepening crisis
Consumer
confidence in the Eurozone fell to a three-year low in August,
according to fresh data from the European Commission. The Economic
Sentiment Indicator decreased by 1.8 points to 86.1. The long-term
average is 100 points. These numbers come at a time when Europe's
economic crisis is deepening. Fears have been reignited that Greece
may soon go bankrupt if it doesn't get more cash. Concerns are
growing that Spain may also require an international bailout after
three of its regions requested national assistance. This turmoil has
led to a massive flight of deposits from banks in Southern Europe.
According
to many analysts, this scheme would protect deposits in weak
countries, which cannot afford to lose more money. While some nations
in the Eurozone support this idea, others, like Germany, the biggest
euro economy, are opposed. They don't want to assume more
responsibility for their neighbors.
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