It has become something of a cliché to argue that no real decisions will be taken which affect the unfolding of the euro zone debt crisis until after the German election in September, but this may be a red herring.
Without improved demand, the stock market rally which has followed the euro zone’s return to growth could be based on a false premise, analysts warned.
“There is the problem of effectively no demand in the global economy because most of the demand was debt-driven,” Satyajit Das, author of “Extreme Money” and a well-known pessimist about the recovery, told CNBC.
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