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9.59am: The eurozone remains mired in recession, and could suffer a deeper downturn than previously feared.
The bailout plan, he said, "might save us from a much deeper downturn.
They could tip the economy into an ever deeper downturn and make the deficit worse when the tax take falls and spending on unemployment goes up".
Airline stocks were also battered on Monday amid concerns consumers and businesses will cut back on travel spending in a deeper downturn.
Economists around the world have condemned that target as punitive, because aiming for it will inevitably result in a deeper downturn.
The bigger concern is that central banks like the ECB have little ammunition to fight a deeper downturn, whether triggered by events in Europe or elsewhere.
Similar(40)
"We do not think that this is a deep downturn".
Manufacturing was mired in the deepest downturn since the survey started in 1992.
On the one hand, it needs to ward off an unduly deep downturn in growth.
And during the deep downturn and rocky recovery, these workers have actually fared better than most.
However, he added, a "deep downturn is not occurring at this stage".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com