European Letter N. 26 on the present European economic crisis

From: Publius (
Date: Thu Nov 21 2002 - 23:45:51 CET

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    Dear Friends,

    you can find the European Letter n. 26 in English, Italian, French and
    German. This Letter deals with the problem of the present economic
    crisis: "The industrialised world is currently undergoing its worst
    economic crisis since the 1929 Depression. While the present crisis was
    (as is often the case) triggered by the bursting of a speculative
    bubble, it is now beginning to impact on the real economy, and is
    looking far more serious in Europe than in the United States. It has
    already left victims in its wake in several European countries ­ one
    need only recall the closure of Sabena and the problems facing Vivendi
    Universal. Most serious of all, however, has been the crisis that has
    hit FIAT Auto, which, according to the company's restructuring plan,
    could result in the closure of two plants and the loss of around eight
    thousand jobs. FIAT is the driving force of Italian industry. It has an
    enormous number of suppliers and it is heavily indebted to the leading
    Italian banks...."

    European Letter

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