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Eurozone slides back into recession

November 16, 2012 • World News


European Central bank President Mario Draghi delivers his speech during the opening ceremony of the academic year of the Bocconi University in Milan, Italy, Thursday, Nov. 15, 2012. The 17-country eurozone has fallen back into recession for the first time in three years as the fallout from the region’s financial crisis was felt from Amsterdam to Athens. And with surveys pointing to increasingly depressed conditions across the eurozone at a time of high unemployment in many countries, there are fears that the recession will deepen, and make the debt crisis _ calmer of late _ even more difficult to handle. (AP Photo/Antonio Calanni)

LONDON (AP) — The 17-country eurozone has fallen back into recession for the first time in three years as the fallout from the region’s financial crisis was felt from Amsterdam to Athens.

And with surveys pointing to increasingly depressed conditions across the 17-member group at a time of austerity and high unemployment, the recession is forecast to deepen, and make the debt crisis — which has been calmer of late — even more difficult to handle.

Official figures Thursday showed that the eurozone contracted by 0.1 percent in the July to September period from the quarter before as economies including Germany and the Netherlands suffer from falling demand.

The decline reported by Eurostat, the EU’s statistics office, was in line with market expectations and follows on from the 0.2 percent fall recorded in the second quarter. As a result, the eurozone is technically in recession, commonly defined as two straight quarters of falling output.

The eurozone economy shrank at annual rate of 0.2 percent during the July-September quarter, Login to read more

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