Don't be fooled by Fiscal Cliff Circus, the Eurozone Drama is still a Crisis w/Matina Stevis
Welcome to Capital Account. EU leaders failed to reach an agreement on a budget deal, as wealthier EU nations pushed for more restraint in the proposed seven-year spending plan. Meanwhile UK Prime Minister David Cameron blamed the European Commission for the budget breakdown, accusing the commission of insulting taxpayers by refusing to accept spending cuts or reductions in staff pay and perks. He complained that the EC's 200 staffers earned more than him, and accused Brussels of living in a parallel universe, the Telegraph reported. Our guest, Matina Stevis, is on the ground in Brussels and she tells us about EU political theater and the looming disintegration of the beleaguered eurozone.
And during a banking conference in Frankfurt, ECB President Mario Draghi announced, “I can address you today against a background of a relative return to confidence in the prospects of the Euro area.” But is that really the case, or does 'eurozone crisis fatigue' make it seem as if the worst in Europe is over? We ask Matina Stevis, journalist for Dow Jones Newswires and the Wall Street Journal, about why Mario Draghi is so confident.
Also, the Wall Street Journal reports the entire eurozone is officially back in recession, with preliminary PMI data suggesting that the downturn may gather significant pace in the fourth quarter. The preliminary PMI numbers for November show business activity contracting in Germany and France, as well as the entire Eurozone area. In addition, a survey released by the European Commission showed a three-year high of pessimism among eurozone consumers. We talk to Matina Stevis about the sentiment on the streets of France and Germany.
And Black Friday fights broke out at some of America's big box retailers today. Drama also erupted outside of stores, as Walmart employees protested unfair working conditions. Lauren will take a look at some of your reactions in today’s 'Viewer Feedback.'