Europe may avoid a recession this year and there were reasons to be more upbeat about prospects for the region, the Business Day newspaper quoted International Monetary Fund's Managing Director Christine Lagarde as saying.For my rationale and a blast at a Bloomberg columnist for suggesting the same thing, please see German Factory Orders Drop Most in Nearly 3 Years; Icing On the European Recession Cake.
"The euro-zone scene has changed massively over the last 18 months or so ... there are reasons to be a little bit more upbeat about the prospects," she told the daily in an interview conducted during a two-day visit to South Africa.
The idea Germany may avoid a recession is silly enough. The idea Europe may avoid a recession is downright idiotic.
Mike "Mish" Shedlock
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