“The hard data is in. Sweden’s GDP fell by 0.1pc in the second quarter, astonishing everybody who relies on soft PMI confidence surveys. Year-on-year growth has been just 0.6pc, half the level expected, and Sweden is supposed to be a star performer in Europe. There are fundamental economic and mathematical reasons why Europe remains in dire trouble. Nominal GDP is contracting in a string of countries, causing debt dynamics to explode. As for Sweden, it had a housing boom and household debt bubble like the rest of us. The reality is that the Scandinavian pillar is not as strong as people think. There are no strong pillars in Europe.”
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100025264/swedish-warning/
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