Fears overdone. Recovery will be faster says chief economist
Allianz chief economist Michael Heise says gross domestic product could have expanded by 0.8% in the Eurozone in the second quarter and 1.1% in Germany, the FT reports.
Fears over Spanish and Greek public finances has been overdone, he said. Allianz reckons Greek budget consolidation measures could see public sector debt as a share of GDP down much earlier than forecast. "The euro could come out of the crisis stronger", Heise said.
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