Tuesday, August 07, 2012

It's Working!!!

We're doing the austerity, it's doing its thing, we're enjoying our prosperity, everybody sing...

MILAN, Italy (AP) — Italy's recession has deepened with its economy shrinking for the fourth quarter in a row.

Official government statistics released Tuesday show that that the economy contracted by 0.7 percent in the second quarter compared with the previous

On with the plan!

(Reuters) - Italian Prime Minister Mario Monti won a confidence vote on Tuesday on a bill to cut spending by an extra 4.5 billion euros ($5.59 billion) this year in order to rein in the deficit and delay a planned increase in sales tax.

Can you feel the prosperity! Smell it!!

At least Germany is continuing to discover what happens when all of their trading partners are austeritying.

More bad economic data – this time from Germany, where factory orders tumbled by 1.7% in June. That's almost twice as bad as the 1.0% drop penciled in by economists*. On a year-on-year basis, orders in Europe's industrial powerhouse were 7.8% lower than a year ago.