Mangia!

Here is The Economist cover image that I referenced in yesterday's foxbusiness.com interview: the Eurozone leaders being lowered into a sea of trouble (mostly of their own doing) with a pasta colander serving as their boat.

One of the points made in yesterday's interview was the near certainty that a recession is on its way (if it's not already there) for the Eurozone. Today's Eurozone manufacturing data only reinforces that view. What is more ominous, however, is the prospect that the best case scenario for the Eurozone appears to be recession. The worst case? Don't ask.