The turmoil in Europe appears to have died down, at least for now. Interest rates have fallen except for Spain. European Central Bank officials say they have contained the crisis — even if a recession occurs. But not everyone is so sure, and the recent rise in interest rates in Spain is making some investors nervous.
Norwegian mass-murderer Anders Breivik addressed his trial in Oslo on Tuesday. He testified that he acted to protect Norway from Muslim immigration and compared himself to a World War II commander, claiming his acts were based on goodness, not evil.
The International Monetary Fund issued its World Economic Outlook on Tuesday. The IMF said it expects global growth of 3.5 percent this year, slightly higher than forecast in January. The threat of a financial meltdown in Europe is receding, says the IMF, but the global economy remains fragile.
Spain's borrowing costs have risen sharply, renewing fears that Europe's fourth-largest economy could be headed for a major crisis. The country has slashed billions in spending, but unemployment and debt are still rising. Many are wondering whether the austerity could be doing more harm than good.
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