– The European “Recovery” Is Over: Italy “Unexpectedly” Enters Triple-Dip Recession (ZeroHedge, Aug 6, 2014):
Goodbye European recovery, we hardly knew you. It must have come as a huge shock to all hypnotized lemmings aka “sophisticated investors” who have been following the manipulated, artificial yields in the Italian 10Y relentlessly declining and thus suggesting at least some economic stability, when an hour ago instead of reporting a 0.1% increase for its Q2 GDP as widely expected, Italy “unexpectedly” reported a sequential contraction of -0.2% down from a -0.1% drop in Q1, and officially the start of yet another, its third since Lehman, recession. Then again, considering Italy’s youth unemployment of over 40% just hit a record high, we use the term “unexpectedly” rather loosely.
Italy is one of the weak nations……who would bank on them? It almost went bankrupt a year or so ago. Who would expect them to navigate a recovery?
Anyone who expected otherwise was dreaming. Italy makes wonderful shoes, art and porcelain. That is it. Their cars are beautiful, but unreliable.