Germany to grow 0.3% in 2012, 1.5% in 2013

France to grow 0.2% in 2012, 1% in 2013

Spain to contract by 1.7% in 2012 and by 0.3% in 2013

Italy to contract by 2.2 % in 2012 and by0.6% in 2013

Eurozone GDP to shrink by 0.5% in 2012

  • Urges ECB to keep liquidity steps, bond buying to assist confidence in the Euro
  • Warmly welcomes contribution of other G20 nations to financially strong IMF
  • Sees Eurozone entering modest recession in 2012
  • Can finalize agreement on IMF resouces by February G20 Finmin meeting
  • Global recovery threatened by growing Eurozone tensions