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With no sign of a meaningful response, and, worse yet, no safe channel to get it done even if they wanted to, systemic risk in the eurozone continues to escalate.

Highlights

European Manufacturing Contracts More Than Estimated
German Retail Sales Drop as Recession Damps Spending
Spanish Manufacturing Contracted at Record Pace in November
ECB to Cut Benchmark Rate 1/2 Point, Economists’ Survey Shows
EU’s Barroso Sees Right Conditions For ECB Rate Cut
Italy approves economic aid, boost for banks
European Government Bonds Gain on Signs Slump Is Deepening


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