southern europe

spain, greece.

이 나라들은 침체에서 혹은 침체의 위협으로부터 벗어나고 있다.

italy, portugal.

이 나라들도 좋아질 것이라고 하지만 아직 조심스럽다.


선행지수가 꺾이고 있는 북유럽은 더 조심해야 한다.
문제는 유럽의 공장, 유럽의 수출기지, 유럽의 인플레이션 파이터인 독일이 포함되어 있다는 것이다.

그리스의 회복은 놀랍다.
남유럽이 독자적인 회복을 지속할 수 있을지 아직은 모르겠다.
숫자들이 뒷받침하고 있으니 지켜보자.




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spain

http://blogs.wsj.com/moneybeat/2014/07/23/two-cheers-for-spains-recovery/

Spain’s labour market turns the corner
http://www.ft.com/intl/cms/s/0/53a2b6f6-1309-11e4-925a-00144feabdc0.html#axzz3AI8M7ISi

http://www.bloomberg.com/news/2014-07-31/banco-santander-quarterly-profit-rises-on-u-k-spain-recovery.html


greece

http://www.economist.com/news/europe/21608791-international-creditors-remain-sceptical-about-greeces-ability-reform-without-close

http://online.wsj.com/articles/greeces-recession-eases-in-second-quarter-1407922523


portugal

http://online.wsj.com/articles/behind-the-collapse-of-portugals-espirito-santo-empire-1407879423

http://www.bloomberg.com/news/2014-08-10/espirito-santo-exit-to-cut-banks-in-portugal-stock-index.html

"The PSI 20 Index (PSI20) was compiled today without Banco Espirito Santo for the first time since its creation more than two decades ago. The action, along with the stock’s 89 percent plunge and losses in its peers since mid-June, has cut the proportion of lenders in the the gauge to about 10 percent, compared with 22 percent six weeks ago, data compiled by Bloomberg show."

Portugal bank failure knocks recovery
http://www.ft.com/intl/cms/s/0/2965c812-1e29-11e4-bb68-00144feabdc0.html#axzz3AI8M7ISi



germany

http://www.marketwatch.com/story/oecd-indicators-point-to-slowdown-in-germany-2014-08-11-64853519

http://www.bloomberg.com/news/2014-08-12/german-yields-falling-toward-1-shows-japan-style-risks-building.html