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Investment report: An acute phase in an era of broken promises

What looked like a cyclical upswing from a short, sharp shock proved a mirage. The game has changed

By Nick Carn   February 2012

A year ago, the world economy was growing steadily. The consensus was that after the credit crunch it had undergone a short-lived and wrenching trauma and survived it. After a stressful 2011 for Euroland, it is the European debt crisis that now dominates concerns. As much of southern Europe plunged deeper into recession and sovereign credits were downgraded to junk, investors were forced to reconsider the definition of a “risk free” investment. By the end of the year, the future of the monetary union, or at least of its membership, was openly called into question. The US, Japanese and British…

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