Is this Global Meltdown part II? Unsurprisingly, most economists say no: stop that alarmist talk, ignore fresh signs of trouble in Spain, and look at the improving data. But with Britain and other countries barely back on their feet after the deepest downturn in decades, the doomsayers see double-dip recession, contagion, market mayhem and no easy way out.
They warn that shares will plummet as investors take stock of the unprecedented scale of a swathe of sovereign debt crises. They see confidence-shattering debt defaults, a eurozone in a perpetual identity crisis and years of financial pain as households ultimately foot the bill for the bailouts ushered through in Meltdown part I. more
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