This is just a daily piece putting together the overriding theme I have extracted from today's news. But I think the theme here - bailout fatigue -will be significant going forward.
I have said it in the past, but it bears repeating now in view of poor German economic data, as difficult as the austerity/bailout dance has been , it will become even more difficult in a downturn which affects Germany and other core countries. The news today was from Markit showing the German Flash PMI was below 50 again and had deteriorated further.
Business activity in the euro zone contracted for the sixth straight month in July, a closely watched survey showed, with powerhouse Germany weakening and the government in Greece now predicting an even deeper economic recession for this year.
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.