European construction activity is as cold as the weather. No money=no projects. Major project to build new airport in Spain near Valencia was cancelled a year ago, and there is no hope of reviving it. Companies such as Caterpillar, Bell Equipment, K-Tec Earthmovers have scaled back their plans for business development.
Czech Republic, Slovakia, Hungary are stuck in neutral.
European Bank for Reconstruction and Development is going slow on everything, just like your local banker.
Manufactures are being forced to consider extended terms, rental, export development financing in order to obtain orders.
Outlook is grim, and that is being positive.
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