Economic situation in Europe is worsening even more. Germany, the largest EU economy, has already experienced negative aftereffects of debt crisis.


Yesterday Federal Ministry of Finance published a report which registered a decline of external demand for German products. This fact is disappointing in relation to future economic growth of export-oriented country.


The decrease in exports may significantly decelerate growth rate for the second half of 2012. Business behavior is worsening which result in reduction of vacancies on labour market.


In order to cope with the crisis, the European Central Bank will probably try to reduce the borrowing costs for the countries with high debts. Now the Bank is focused on fighting against the problems of major European economies.


Amid this statement, Spanish bond yields hit 7-week low of 6.29%.


The country is ready to start the banking sector restructuring in the next month to avoid Greek scenario according to which the country may face a default.