The European Commission publishes.....>

EUROPEAN DATA: The European Commission publishes its spring round of economic

forecasts and there is no surprise in seeing a very negative outlook for the EZ

in 2020 -- pretty much in the middle of the ECB's scenario range.

--EZ GDP seen -7.7% 2020, + 6.3% 2021

--Germany GDP seen - 6.5% 2020, +5.9% 2021; France -8.2%, +7.4%

--Italy GDP seen -9.5% 2020, +6.5% 2021; Spain -9.4%, +7.0%

--EZ inflation seen +0.2% 2020, +1.1% 2021

--Government deficit and debt-to-GDP levels seen ballooning.

--Italy deficit ratio seen -11.1 2020, debt 158.9%

--Germany deficit ratio seen 7.0%, debt 75.6%

--UK outlook (technical) GDP -8.3% 2020, +6.0% 2021; deficit 10.5%, debt 102.1%