Germany and The Whole Europe on the verge of a Disastrous Economic Cliff Edge

Germany and The Whole Europe on the verge of a Disastrous Economic Cliff Edge
The eurozone economy will drop deeper into recession this year.
Germany, the single largest and strongest economy in Europe and the world's fourth-largest economy, is already feeling the pinch. The impact of the coronavirus has seen Germany suffer its widest fall in production and output since the financial crisis a decade ago. The German economy will shrink by 6.3 percent this year. German Exports contracted by 3.1 percent. The Rest of Europe is not in any better shape. In fact, the French GDP is shrinking by 5.8 percent, Spain's GDP by 5.2 percent, Italy's GDP by 4.7 percent, and The Netherlands GDP by 1.7 percent.
For the 27 countries that comprise the EU, a downturn of 8.3% is expected in 2020.
The coronavirus crisis will push Europe into a deeper recession than originally thought.
Europe’s coronavirus outbreak will be the biggest peacetime economic shock on record.
And don't expect the European banks to help. Banks may face a tsunami of problems as three factors collide: rise in non-performing loans, deflationary pressures from a prolonged crisis, and central bank keeping negative rates that destroy banking profitability.
The Euro-Zone was already in deep trouble before CoVid-19 hit, the weakness that started in 2017 never ended. The region simply isn't competitive. In the fourth quarter, even Germany entered a recession. France, Spain, and Italy are looking at continued large unemployment levels. Add to this the fact the EU lacks technological and intellectual property and is falling further behind China and the US.
Recently they started promoting a huge stimulus package. To fund the €750BN package, the EU would borrow on financial markets and put in place a suite of proposed new EU taxes and levies to pay back the debt over the coming decades.
Characterizing the current debacle as a deep recession is actually optimistic. The ongoing debasement of fiat, coupled with raging deflation, ensures a very entertaining near future of the deflation/inflation tango. The ongoing destruction of currency is provoking flights of funds into precious metals and crypto. The banking class in the EU is a cabal of lizards.
They have been hiding risk for decades, and it has only gotten worse since the introduction of the Euro.
For the full transcript go to https://financearmageddon.blogspot.com