The Guardian: Russian gas shutoff would send some EU countries into recession, IMF warns
Fund says GDP in Hungary, Slovakia and Czech Republic would fall by up to 6%, with Italy, Germany and Austria also hit hard
A total shutdown of Russian gas supply would reduce GDP in the most vulnerable EU countries by as much as 6% and send them plunging into recession, the International Monetary Fund has warned.
Amid speculation that the Russian president, Vladimir Putin, will keep the Nord Stream 1 pipeline closed when routine annual maintenance ends later this week, the IMF said Europe lacked a comprehensive plan to cope with shortages, further increases in energy prices and the impact on growth.
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Update #1: A Russian gas cutoff would send Europe into recession unless nations around the world pooled their dwindling supplies together, IMF says (Insider)
Update #2: IMF warns of severe recession across Europe in the event of a Russian gas embargo - FT (Reuters)
WNU Editor: This IMF warning was issued before this news was announced .... Reuters Says Russia Will Be Restarting Gas Exports To Europe From Nord Stream 1 On Schedule.
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