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July 25, 2008 9:43:05 PM CDT

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EU Frets Over Fallout From US Economy's Slide

Posted Jan 22, 08 10:38 AM CST in Business 

(Newser) – Stock markets around the world continued to hemorrhage today on worries the US would slide into recession, prompting finance ministers to warn that the slump is threatening EU growth. They revised forecasts downward for the 15-member EU, reports Bloomberg. “There is great concern about the financial crisis,” said the Belgian finance minister.

Slumping global markets have erased more than $5 trillion in equity. Luxembourg's finance minister said the pullback would force the EU to revise a November growth projection for 2008 from 2.2% to 1.8%. Policy makers hoped to avoid the US’s subprime contagion, but the euro has fallen against the yen and dollar recently.

Source Bloomberg

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Belgian Finance Minister Didier Reynders, right, shares a word with European Investment Bank President Philippe Maystadt, center, and Turkey's Chief Negotiator Ali Babacan during a meeting of EU finance...   (Associated Press)
Belgium's Prime Minister, Guy Verhofstadt, top, Belgium's Finance Minister Didier Reynders, center, and Belgium's Minister for Instituational Reform Yves Leterme look around the Chamber at the Belgian...   (Associated Press)
Belgium's Minister of Finance Didier Reynders, left, speaks with Bank of England Governor Mervyn King, right, at the start of the Group of Ten minister's meeting at International Monetary Fund Headquarters...   (Associated Press)
Belgian Finance Minister Didier Reynders, left, shares a word with Spanish counterpart Pedro Solbes during a meeting of EU finance ministers at the EU Council building in Brussels, Tuesday May 8, 2007....   (Associated Press)
From left : Britain's Finance Minister Alister Darling, European Commissioner for Economy and Monetary Affairs Joaquim Almunia, French Economy Minister Christine Lagarde, German Finance Minister Peer...
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