IIB Bank’s Austin Hughes changes tack on ECB rate cuts but still forecasts Eurozone recession that would result in cuts of 0.75% by early 2009
May 6th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
IIB Bank's Austin Hughes changes tack on ECB rate cuts. The Eurozone recession that Hughes expected this Spring is now predicted for the Autumn. He does not explicitly forecast a recession but "a painful slowdown that will persist and could intensify into 2009." These are strange times when an economist who was a cheerleader of the construction fuelled boom at home could be termed a Cassandra on the Eurozone or maybe not! She actually had the gift of prophecy and saw what was ahead but was under a curse: nobody would believe her.