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Monday, November 19, 2012

‘Austerity Measures For Europe’s Debt Crisis Not Enough’
Foreign ministers who met before an annual Ibero-American Summit in Spain agreed that austerity measures aimed at alleviating Europe’s debt crisis were not enough, Spanish Foreign Minister Jose Manuel Garcia-Margallo said.

“We can say that there is practically a consensus that the austerity measures are necessary, but not sufficient. The key is growth,” said Garcia-Margallo.

The meeting in the southern Spanish city of Cadiz was aimed at fine-tuning details of the declaration for this year’s summit. “We have analyzed the Cadiz Declaration.

We have talked much about the crisis. We have talked much about its consequences and especially about its hardest aspect, unemployment, the one that most affects all of us,” Garcia-Margallo said.

US Industrial Production Drops
US industrial production dropped 0.4% in October as superstorm Sandy held down output in the Northeast region, the US Federal Reserve reported.

The October decrease in industrial production, an indicator of the output of mines, factories and utilities, followed a revised 0.2 percent gain the previous month.The Fed said hurricane Sandy, is estimated to have reduced the rate of change in output by nearly 1 percentage point.

Business Desk with inputs from agencies.

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