Washington Post: Economic Malaise Threatens To Undermine European Unity - by Anthony Faiola
Economic Malaise Threatens To Undermine European Unity - by Anthony Faiola
The fruits of Spain's economic transformation found their way to Maria Dolores Barroso's cafe. Fueled in large part by a massive building boom, the Spanish "miracle" brought new jobs to legions of construction industry workers -- many of whom would pack her cafe at sundown, dropping their euros on beer and savory tapas well into the madrileño night. But as Europe confronts its toughest economic test since the official creation of the European Union in 1993, Barroso has hung a "for sale" sign on her cafe door. Business has dried up -- falling 80 percent in six months -- as Spain has joined a growing list of European nations slouching toward recession. The abruptly weakening European economies caused a sharp sell-off of the euro last week that sent the dollar to its biggest gain in more than six years on Friday. Those gains continued yesterday.
Labels: EU, EU Economy
