New Year cheer valid in the UAE but the rest of the world economy looks a wreck for 2013 « ArabianMoney:
So the US has actually fallen off the ‘fiscal cliff’ today but there was so much hope and optimism that a deal would still be reached tomorrow that stocks actually rose quite sharply. For sheer hubris that took some nerve even by the standards of Wall Street.
Nobody seemed terribly interested in the gloomy New Year’s message from Germany’s chancellor Angela Merkel that Europe’s biggest economy would have a worse time in 2013 than 2012 and that the eurozone debt crisis was far from over. Wall Street pundits said the eurozone crisis was now under control!
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