The financial storms that in recent years gathered over advanced economies seem to have changed course this summer.
Emerging markets, especially in Asia, were hit by a wave of sell-offs: growth slowdowns and increasing deficit problems, coupled with the imminent tapering of cash injections by the Federal Reserve, drove investors away.
Fear was also behind a big slump in Egypt’s key tourism industry. With violence between supporters of ousted President Mohamed Morsi and the army escalating, many European nations are advising their citizens against all but essential travel. That is bad news for a country, which relies heavily on tourism as a vital source of foreign currency.
On the other shore of the Mediterranean, Greek recovery hopes are also focused on the holiday season. June was indeed positive for the recession-stricken country, but it is still struggling. And according to German finance minister Wolfgang Schauble, Athens will soon need a third international bailout loan.
We discuss all this with Nejra Cehic from Bloomberg in this edition of Business Weekly.
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