Recession wave continues – Europe and US
Year 2010, was not so bright for the western countries. Two biggest economies, the US and EU continued to be in dire straits. World markets were marred by the crisis in the Europe with major economies like Ireland, Greece, Portugal and Spain reporting unsustainable fiscal deficits. Greece became the first country in the EU to receive IMF bailout. The 27 member states of the European Union on 9 May 2010 created the European Financial Stability Facility to raise the funds needed to provide loans to eurozone countries in financial troubles. Economists also doubted the survivability of the euro. However, there was some odd good news. Germany posted a record 2.2 percent in the second quarter.