- Economy will gradually recover
- 2012 GDP seen at-0.5/+0.3%, unchanged; 2013 seen 0.0 to 2.0%
- Outlook subject to downside risks on debt troubles, potential spillover
No sign of quick cuts but money spigots remain wide open, which should support banks that have enough collateral to borrow against…Looks as though the ECB is keeping pressure on the politicians to get their act together; the ECB won’t do the heavy lifting for them…
