Looking at the most recent OECD economic indicators, Greece makes by far the weakest showing in all the Eurozone while further appearing on the brink of recession.Industrial production has fallen off a cliff, consumer confidence is just a whisper over the low seen during the panic-ridden circumstances of late 2008, business confidence appears to have topped out and may be headed lower and the leading index is clearly trending down.
Worse yet, Greece may be just the leading edge with Ireland, the U.K., Italy, Spain and Portugal show some initial signs of weakening leading trends.
Is the double-dip here? For Greece the answer appears almost certain but we will have to wait to see whether elsewhere in Europe and the U.S. eroded similarly.
The pattern is clear though. For those who argued (and still argue) that solving the ills of an epic debt bubble with more debt was sheer folly may soon see their outlook born out.
