Links: 2009-04-08 – European edition

Europe is a mess right now. I have had a few days to relax and work trough some thoughts about where this global depression is headed. Upon coming back to the site, I was struck by how poorly Europe’s economies are doing. As I have said previously, I do think European leaders are in denial about the severity of this depression started in the U.S. on their own economies. To my mind, this means the potential for downside risk in Europe is that much greater.

Below are a few links highlighting the European situation and a bunch of others including sad news from Cassandra on the passing of Greg Newton, a great in the econblogger space.

The green shoots are weeds growing through the rubble in the ruins of the global economy – Willem Buiter

Farewell Greg Newton – Cassandra Does Tokyo

Russia’s Economy Contracts By 7% In Q1 2009 – Edward Hugh

Richard Russell: Bear Market Will Last Longer, Go Deeper Than People Expect

Ukraine’s economy ‘to shrink 9%’

All Irish banks have ratings cut

Job insecurity ‘getting worse’ – House price falls add to eurozone’s woes – HSBC concludes record £12.5bn rights issue

Ireland unveils emergency budget

Japan’s current account surplus halves

German manufacturing orders slip further

Germany extends car scrapping bonus

Scrap the Summers-Geithner plan – Lawrence Kotlikoff, Boston Globe

Marc Faber: We’re In For A 5% to 10% Correction

The History of Mike Mayo Bank Downgrades

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