Welcome to Capital Account. EU leaders failed to reach an agreement on a budget deal, as wealthier EU countries pushed for more restraint in the proposed 7 year spending plan. Meanwhile UK Prime Minister David Cameron blamed the European Commission for the budget deal break-down, accusing the commission of insulting taxpayers by refusing to accept cuts in its budget or make reductions in staff pay or perks. He complained that 200 EC staff earned more than him and accused Brussels of living in a parallel universe, according to the Telegraph. Our guest, Matina Stevis, is on the ground in Brussels and she tells us about EU political theater and the forces of disintegration in the beleaguered Eurozone.
Plus, during a banking conference in Frankfurt, ECB President Mario Draghi announced "I can address you today against a background of a relative return to confidence in the prospects of the Euro area." But is that really the case or does "Eurozone crisis fatigue" make it seem as if the worst in Europe is over? We ask Matina Stevis, Journalist for the Dow Jones Newswires and the Wall Street, about the foundation for Mario Draghi's confidence.
Also the Wall Street Journal reports the entire Eurozone is officially back in recession, with preliminary PMI data suggesting that the downturn may gather significant pace in the fourth quarter. The preliminary PMI numbers for November show business activity in Germany and France, as well as the entire Eurozone area, contracting. In addition, a survey released by the European Commission showed pessimism among Eurozone consumers at the highest in three years. We talk to Matina Stevis about the sentiment on the streets of France and Germany.
And Black Friday induced fighting broke out at some of the nation's big box retailers today. However some of the drama also happened outside of stores, as Walmart employees protested unfair working conditions. Lauren will respond to some of your reactions in today's "Viewer Feedback."