What's Next for the Eurozone?
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The high drama and furious pace of developments in the European debt crisis have not let up. The BlackRock Investment Institute reviews the outcome of December 9 European summit and discusses what it means for markets and investors in a concise publication. The main takeaways include: The actions by the European Central Bank to secure bank access to funding reduce the possibility of a doomsday credit crunch. Ratings agencies are likely to downgrade eurozone debt in the near future, but markets have largely factored in these moves. And BlackRock now expects a eurozone downturn that will cut GDP by 1% to 2% and push Germany and France into recession.
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