The latest news from the embattled outposts of Europe, more troublesome U.S. numbers and further signs of a slowdown in China and other emerging economies are helping to reignite talk of a double-dip on a global scale.
A large swath of Europe is already back in recession and unemployment has climbed to levels not seen in 15 years, underscoring the claims of prominent critics that the harsh German austerity regimen is quite likely to kill off seriously ill patients long before they can reap the undoubted long-term benefits of the medicine. The growing backlash against heavy budget-cutting has added large dollops of political risk and social instability to the region’s worsening economic outlook.
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