Germany feels effect of crisis as its major firms announce bad news

The Guardian, July 27, 2012

The idea that Germany could somehow emerge from the current economic crisis unscathed has proved illusory. Europe‘s industrial powerhouse is now feeling the effects of the economic crisis, particularly in its export-driven sector.

A slew of household names, including Siemens, BASF and Puma, has had bad news to announce this week.

On Thursday, engineering giant Siemens announced that orders were drying up, saying it would make it “more difficult” to reach annual targets that it had already cut in April.

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