Eurozone zombies stumble on

The latest data from the eurozone has been uninspiring.

The latest data from the eurozone has been uninspiring. Exports slipped by 2.3% in May and are now barely up on the year. Imports slipped by 2.2%. Germany's ZEW investment sentiment indicator unexpectedly fell in July, denting hopes for Germany's recovery. The OECD, a rich country think tank, said eurozone unemployment was on track to reach a fresh record of 12.3% next year. In Greece, Spain and Portugal the figures are set to be 28.4%, 28% and 18.6% respectively. Spain's leader was embroiled in a slush fund scandal (see page 7), while Italy and France suffered further downgrades by credit-ratings agencies. France has been stripped of its triple-A rating by all three major agencies.

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