01 Nov '11, 6am

Despite debt deal, Europe may slide into recession: Economists

Despite debt deal, Europe may slide into recession: Economists

Flags of the G-20 nations are seen in a conference room, where G-20 heads of state will gather for a summit in Cannes, southern France. French president Nicolas Sarkozy is expected to show his peers gathered at the summit that Europe has gotten a grip on its debt crisis. -- PHOTO: AP FRANKFURT, Germany (AP) - Europe may be able to dodge a financial meltdown. It may not be able to avoid a recession. The deal European leaders reached last week is intended to defuse the continent's debt crisis and avert a panic like the one that nearly toppled the US financial system in 2008. Sceptics caution that the agreement isn't a long-term solution to the debt crisis. Even if it were, the pact did nothing about other threats to Europe's economy: deep cuts by over-indebted governments, high unemployment, stingier bank lending and declining exports. Many economists think Europe is nearing...

Full article: http://www.straitstimes.com/The-Big-Story/The-Big-Story-2...

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