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19 Feb, 2013

Germany will return to growth in 2013 - Bundesbank

The German central bank is confident that Europe's largest economy will avoid recession and return to growth in the first quarter of 2013 and beyond.

In a monthly report for a February forecast, the Bundesbank said that the rest of 2013 will see a gradual pick-up in activity in Germany's economy.

The news is widely welcomed in Europe as German economic growth is indeed key to a recovery in the Euro-zone, which is expected to start later in 2013.

Meanwhile, Germany's gross domestic product slowed throughout 2012, growing just by 0.7% in 2012, compared with 3% in 2011.

Review shows Germans have given up on Greece

According to a Financial Times/Harris poll, 'only a quarter of Germans think Greece' should still form part of the Euro-zone  or even receive more bailouts - a review that has highlighted Angel Merkel's 'domestic dilemma'.

1,000 adults living in Germany, Italy, Spain, Britain and France were asked about the Euro-zone crisis. Unlike the Germans, the Italians and the Spanish respondents 'were far more reluctant to cut Athens loose'.
Indeed, 26% of Germans believed Greece 'will never repay its bailout loans', while a stark contrast of 77% of Italians and 57% of Spaniards had more faith they eventually would.

Similar to the Germans, the French were 'as reluctant' to help Athens despite the fact that they were 'slightly more optimistic' that Greece would eventually pay back its bailout loans.

This poll comes just after the new Greek government requested a two year extension 'to implement painful economic and government reforms demanded by international lenders as part of their three-year bailout programme'. 

Britons shared similar views to the Germans but they sharply differed when it came to the question of austerity measures since only 29% of Britons believes these measures caused a 'negative impact' in the Euro-zone. On the other hand, the 'overwhelming majority' of the Germans, French, Italians and Spaniards believed they were indeed causing a negative wave.



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