It's a mixed bag of retail PMI news in Europe today (assuming of course one believes that spending is good).
Some common sense discussion is taking place in Spain regarding the necessity of Spain exiting the eurozone.
The eurozone proponents ignore the costs of staying in the euro and overly trump up the benefits. The article perpetuates the myth that German taxpayers will suffer the consequences of a breakup, but suffer no costs if the eurozone stays intact.
By a wide margin, but not quite a majority (yet), "Let's quit EU," say 46 per cent of voters in poll.
Last week, EU growth projections were reduced by a further 0.1 percent to a negative 0.4 percent. Facing this grim reality and shrinking resistance from the dominant Germans, the EU bureaucracy appear to be becoming more lenient.
Truth be told, the growth rate of most European countries is hanging by a thread, and when really scrutinized from a day-to-day perspective, European gross domestic product is mired in economic depression.
The important point is not agreement or disagreement with the author, but rather that a eurozone exit is now openly presented as a viable option in a mainstream Spanish newspaper. Expect such sentiment to grow along with rising unemployment and a sinking Spanish economy.
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