In 2012, the main driving story, globally, will continue to be the continuing saga of the Eurozone crisis which is far from over. Here's a snapshot of just 3 of the Eurozone countries (Greece, Italy, France) heading into the new year (none of it sounds good):
AFP: Greeks must avert economic collapse, euro exit: leader: "ATHENS — Prime Minister Lucas Papademos on Saturday warned Greeks of another difficult year ahead as it battles to avert economic collapse and an exit from the single European currency. "A very difficult year, marked by necessary but painful measures, is ending... a very difficult year is around the corner," Papademos said in his New Year's message. "We must pursue our efforts with determination... so that the crisis does not lead to a disorderly and catastrophic collapse. So that we can keep the euro," he said."
Italians Must Make Sacrifices to Avoid Collapse, President Says - Bloomberg: "Italians will have to make sacrifices to avoid financial collapse and must keep faith in Europe, President Giorgio Napolitano said in a New Year’s speech. “Nobody, today -- no social group -- can stall on the commitment to contribute to the revival of public accounts to avoid the financial collapse of Italy,” Napolitano said in his televised speech late yesterday. “The sacrifices won’t be useless. Only united can we progress and count as Europeans in a radically changed world.”"
AFP: France's future hangs in balance in 2012: Sarkozy:PARIS — France's future will hang in the balance in 2012, President Nicolas Sarkozy warned on Saturday, four months before he faces a tough battle for re-election. With the economy and eurozone debt crisis set to take centre stage in the vote and recent figures showing unemployment at a 12-year high, Sarkozy promised "important decisions" in January to tackle joblessness. And with Socialist challenger Francois Hollande leading in the polls, Sarkozy vowed that financial markets and credit ratings agencies would not be the ones deciding French policy. . . . "This crisis... probably the most serious since World War II, this crisis is not over," Sarkozy said.
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Financial Crisis - The Telegraph
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