Greece Back As A Headache For Improving Eurozone Economy

By PAN PYLAS, Associated Press, San Antonio Express-News: World
Sun, 05/10/2015 - 1:01am

In the first quarter, Germany, Europe's biggest economy, is expected to have led the way, its export-heavy economy prospering from the fall in the value of the euro — Europe's single currency has fallen to near a decade-low against the dollar in the wake of the European Central Bank's decision to launch a 1.1 trillion-euro ($1.2 trillion) monetary stimulus. Other bright lights include Spain, one of the countries at the forefront of the region's debt crisis over the past few years that has gained plaudits from European policymakers for reforming its economy, particularly the labor market. Business confidence and retail sales across the eurozone have taken a dent, while surveys of managers suggest business activity has peaked, meaning growth in the rest of the year may not pick up as much as hoped. "While it is encouraging that the recovery is becoming more broad-based across the euro area, there are clearly still pockets of vulnerability, with Greece an obvious source of concern," said Timo del Carpio, European economist at RBC Capital Markets, who is forecasting eurozone growth of 0.5 percent in the first quarter. The main reason behind Greece's renewed crisis is the new left-wing government's pledge to end the hated budget austerity that creditors from the eurozone and International Monetary Fund have insisted upon. "The direct impact might be limited because of Greece's limited trade links and lower financial market exposure to Greece in other euro area countries, but its exit could nevertheless cause a confidence shock and disrupt government debt markets," said Alastair Wilson, Moody's managing director for global sovereign risk.

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