SINGAPORE (AP) — Europe's debt crisis is undermining economic growth, but the continent should avoid a recession next year, French central bank governor Christian Noyer said Wednesday.
Europe's economy is in better shape now than in the aftermath of the 2008 global financial crisis as corporate balance sheets and banking sector liquidity and credit levels remain strong, said Noyer, who is also a member of the European Central Bank's governing council.
"We don't see the reasons for a recession," Noyer told reporters in Singapore. "The economy is not dropping like what we saw in 2008 and 2009."
Yields on Italian sovereign bonds rose Tuesday to the highest since the euro …
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