And So It Rumbles On...

I haven't done a Eurozone post for a while largely because it consists of soporific repetition, however rumble on it still does:

And:

And:

It all reminds me of this post by the FT in 2010 regarding the sterling devaluation crisis in the 1960's:

To some who went through the unsuccessful struggle from 1961 to 1967 to stave off sterling devaluation, the series of crises surrounding the euro will be drearily familiar. First there is a surprise loss of confidence. Then there is a series of rescue operations, usually taking the form of international guarantees of one kind or another. These are backed up by domestic restrictive measures leading to a domestic recession of sorts. In time the financial pressures ease and near-normality is seen to return. But then, when few are looking, there is another crisis, another set of international rescues and another set of domestic restrictions. And so on. Eventually the struggle is abandoned, and political and financial leaders work to pick up the pieces.

During the period when sterling devaluation was known as “the great unmentionable” a tiny band of Treasury officials kept “a war book” on how to deal with the unmentionable if it nevertheless happened. Harold Wilson, the prime minister, ordered that the “war book” be physically burned, which it was of course not. It is difficult to believe that such a manual does not exist in Athens, Frankfurt and perhaps other European centres.

Can we put it out of its misery yet...?

UK Limps Out of Recession

The last major economy in recession finally emerges into growth by a weaker than expected 0.1%. Labour spin will no doubt now go into overdrive at this 'good news' and Dizzy argues here that Brown may even consider an early election. Brown will be in for a shock if he thinks that the voters' will be grateful to him, or Labour, for today's news.

Update: Guido has his take here; it's a rounding error.

Update II It seems that I was rather over-optimistic about Labour's spin, there's a lack of crowing on the airwaves, Brown in particular is noticeable by his absence. The economic figures are not good then.

UK Still in Recession

Tucked away on the BBC website today is the news that Britain is still in recession:

The UK economy shrank by 0.2% between July and September, figures show.

Despite Alistair Darling saying in the 2009 April Budget (my emphasis bold):

And my forecast for GDP growth for the year as a whole will be –3 ½ per cent – in line with other independent forecasts.

But because of our underlying strength, the measures we are taking, domestically and internationally, I expect to see growth resume towards the end of the year.

Yeah, Merry Christmas Mr Darling, thanks for nothing!