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EUROPE ECONOMY HURTS IN SOLIDARITY

Since we couldn’t attend MIPIM in Cannes this year, our friend Carl de Stefanis, IVI International president, came back with the report. There’s a general consensus that most of Europe is in the doldrums, he says. Spain, Ireland, Portugal, Greece, and Dubai were as represented as Libya—by one booth. Like the US, the UK is plagued with weak fundamentals, including a huge deficit, high unemployment, and real estate refinancing and debt problems. It seems like the entire Western world is paying the price of having consumed too much, he says. Meanwhile, Russian regions and former Soviet republics were well represented. Overall, attendance was down 38% compared to ‘08’s peak of 29k. Nonetheless, he says one gets the feeling that the US just may be the first to recover.

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