Attention regarding the euro-zone’s debt crisis has remained focused on the continuing spat between the EU and the ECB on whether or not Greece should be allowed to undertake some form of “soft” debt restructuring or “re-profiling”. The stand-off highlights once again the continued lack of a cohesive policy response to the region’s crisis. Meanwhile, the latest batch of euro-zone business surveys brought the strongest signs yet that growth in the core economies may be starting to slow. With the periphery still struggling even to expand, the second half of 2011 could prove pretty tough for the region as a whole.
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