While the brinkmanship hurtles along to its inevitable conclusion next week, more euro crisis news has fallen in between the cracks. Today, Markit releases its Eurozone flash PMIs for March, and they were dreadful.
The consensus forecast for the Eurozone was for a rise to 48.2, but the actual reading clocked in at 46.5. Even Germany was affected with its PMI dropping to just over 50 revealing that its economy has stopped growing and is now stagnating.
Eurozone and ECB officials, led by Draghi, continue to promise a return to growth in the second half of the year. Amid ongoing budget cuts, tax increases, tightening credit and sky-high unemployment, a return to growth prior to 2014 looks very unlikely.