ECB's Weber Says German Economy Is Resilient.Summary: ECB's Weber says German economy is resilient and while it will go "through a dry spell over the coming months" there is "no reason for excessive pessimism pessimism, philosophical opinion or doctrine that evil predominates over good; the opposite of optimism. Systematic forms of pessimism may be found in philosophy and religion. ... ECB's Weber says German economy is resilient and while it will go "through a dry spell over the coming months" there is "no reason for excessive pessimism over the medium-term outlook or even raising the specter of a deep recession". DIW DIW Deutsches Institut für Wirtschaftsforschung, Berlin (German institute for economic research) DIW Deionized Water DIW Dead In the Water DIW Defensive Information Warfare DIW Direct Inside Wire (phone) , IMF IMF See: International Monetary Fund IMF See International Monetary Fund (IMF). and EU Commission yesterday all predicted a technical recession with the economy expected to contract for a second consecutive quarter in Q3 but Weber said his "relative confidence" stems from the fact that "some positive structural adjustments have strengthened Germany's resilience resilience (r  ·zilˑ·yens),n ". Weber said German households are in a good shape, with debt ratios declining in recent years and he added that credit conditions in Germany are "considerably less restrictive" than in other Euro-Zone countries and that the risks of a fully blown credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. are "contained". Comments are trying to remain positive, but even Weber seems to be admitting now that the economy is contracting. 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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