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Eurozone Slips Into Double-Dip Recession

November 16th, 2012

Economic data released by Eurostat, the statistics office of the Eurozone, indicated that the monetary union collectively entered a recession in Q3 of 2012. As both Q2 and Q3 indicated economic contraction, the Eurozone met the technical definition of a recession for the second time since 2009.

Within the statistics, one will find at best marginal growth within the healthier economies of the monetary union, with the periphery, especially Greece and Spain, experiencing calamitous levels of economic contraction.  Most economists observing the Eurozone project at best tepid growth or stagnation during 2013.

The economic disaster within the Eurozone, driven largely by a malignant sovereign debt crisis of massive proportions, is testimony to the ongoing and destructive character of the global economic crisis that arose in 2008. With Japan also experiencing economic contraction, China reduced growth and the United States tepid growth only made possible by massive (and unsustainable) budget deficits, the outlook for the global economy remains guarded and grim.






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