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Seen in the figaro in France, from french COFACE chairman (state based company specialised in export risk insurance)

«Pas de récession aux États-Unis cette année»

No recession in US this year

Aujourd'hui, nous constatons une augmentation lente des défauts de paiements, ce qui devrait, selon nous, amputer la croissance mondiale de 0,3 à 0,4 point de base. Nous ne croyons pas au scénario d'un recul du produit intérieur brut (PIB) pendant deux trimestres consécutifs, qui constitue la règle pour qualifier une récession.

Today, we can see a slow increase in US companies failure to pay debts, which could lead to a decrease around 0,3 to 0,4 GNP points. We do not believe to the two quarters long GNP decrease, which is how is qualified a recession.

I beg your pardon for the translation, which is a bit awkward, but I'm just posting this before going to a meeting, and it ma have been a bit quick.

by Xavier in Paris on Tue Jan 22nd, 2008 at 02:48:16 AM EST
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