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Business Latest News: Europe's Economy Still Sleeping

Wochit 1:21 mins

Another month is passing and another listless set of business surveys is likely to show just how much the euro zone economy still has to do to get over its debilitating debt and banking crisis. Some economists think the euro area might have just escaped recession last quarter, but Petr Zemcik, director of European economics at Moody's Analytics in London said: "We are still on course for contraction. The euro zone most likely contracted in the second quarter and might contract in the third quarter as well." With more than $18 billion at stake in Detroit's restructuring, big law firms and other advisers are clamoring to represent the city's many creditors -including some advisers not exactly known for municipal work.For creditors and related parties, there is clearly a lot at stake. That means bondholders, insurers, retirees and others are sure to be accompanied in court by platoons of lawyers. The Organization for Economic Co-operation and Development has unveiled new plans to tackle tax evasion by improving the way tax authorities share information about individuals and entities like trusts.

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