A deep recession of in the eurozone would make a bailout of its financially weakest nations more difficult than it already is. The ability of nations like Greece and Spain would be compromised if their economies contract. There is already a belief that austerity has become the enemy of expansion. IMF chief Lagarde recently said Europe must look beyond asterity to means of promoting growth.
January numbers from eurozone research firm Market are encouraging, and show the regions has at least continued to hold its own
The Markit Eurozone PMI Composite Output Index moved into positive territory for the first time in five months in January, according to the preliminary “flash” reading which is based on around 85% of usual monthly replies. The index rose for the third month running, up from 48.3 in December to a five-month high of 50.4. That signalled a marginal increase in private sector economic activity.
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