Euro zone falls into second recession since 2009

[Capt Worley PE]

(Reuters) - The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany andFrance, data showed on Thursday.

The two leading economies both managed 0.2 percent growth in the July-to-September period.

But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.

Economic output in the euro zone fell 0.1 percent in the quarter, following a 0.2-percent drop in the second quarter.

Those two quarters of contraction put the euro zone's 9.4 trillion euro ($12 trillion) economy in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.

A rebound in Europe is still far off. The debt crisis that began in Greece in late 2009is still reverberating around the globe and holding back a lasting recovery from the Great Recession of 2008/2009 in much of the world.

"That was the last good number Germany for the time being," said Joerg Kraemer, chief economist at Commerzbank. "The business climate ... has caved in."

http://www.reuters.c...E8AE0HV20121115

 

[wilheldp_PE]

It's like looking into the future of America. Obama's socialism is going to lead to a Euro-zone style deficit, and other governments are going to require austerity on our part to bail us out...if anyone even has the resources to bail us out by that point.

 

[MGX]

Everything is better in Europe.

 

[Capt Worley PE]

Unemployment across the 17 EU countries that use the euro has hit 12% for the first time since the currency was launched in 1999.

http://www.guardian.co.uk/business/2013/apr/02/eurozone-unemployment-record-high

Look at the breakdowns of the individual countries.

 

[Road Guy]

F'n Bush!