The tapering of stimulus by the US Federal Reserve risks reigniting the eurozone debt crisis and pushing the weakest countries into a ?debt-deflation spiral?, the International Monetary Fund has warned.
by Ambrose Evans-Pritchard
Telegraph.co.uk
?The macroeconomic environment continues to deteriorate,? said the Fund in its annual `Article IV? health check on the eurozone.
?Recovery remains elusive. Growth has weakened further and unemployment is still rising, and the risks of prolonged stagnation and inflation undershooting are high. Mounting social and political tensions pose an increasing threat to reform momentum.?
The report warned that the onset of a new tightening cycle in the US had already led to major spill-over effects in the eurozone, pushing up bond yields across the board.
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