Skip to comments.Euro zone falls into second recession since 2009
Posted on 11/15/2012 7:45:56 AM PST by Qbert
(Reuters) - The euro zone debt crisis dragged the bloc into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday.
The French and German economies both managed 0.2 percent growth in the July-to-September period but their resilience could not save the 17-nation bloc from 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 back into 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 2009 is still reverberating around the globe and holding back a lasting recovery.
Analysts said even the euro zone's top two economies were likely to succumb in the final three months of the year.
"That was the last good number Germany for the time being," said Joerg Kraemer, chief economist at Commerzbank. "I don't expect the German economy to return to decent growth rates until the middle of next year.
(Excerpt) Read more at reuters.com ...
The financial âproblemsâ still haven’t been fixed throughout the system. This mess will takes years if ‘properly’ done; the worse is yet to come.
Surprise ,surprise. Three generations of deficit spending,high taxes, huge debts, unfunded entitlements, an anti capitalist bureaucracy spewing restrictive regulation and a refusual to accept austerity, and Europeans are confused that a few financial gimmicks can’t fix fundamental economic problems? Good thing Americans are not that dumb.
Watch out below.
If the USA economy slips at all, the Gov’t deficit will go from $1 Trillion to $1.5 Trillion in no time. That means more “fiscal cliff,” more austerity, more bad debts, and more money printing, which will hurt business and employment even more, driving the cycle lower and lower.
2nd Recession??? Is there any evidence whatsoever they ever came out of the “1st recession” NO THERE IS NOT, and this is the problem with so-called reporters THEY LIE ABOUT ALMOST EVERYTHING including to THEMSELVES. Either that or they are all just plain STUPID.
So, after massive behind-closed-doors cash infusions of trillions of dollars from Uncle Ben into the Euro system to prop up the international banking cartel, after cooking the books and manipulating every government statistic they have for years, and after endless ponzi scheme re-inflations we still see the Euro go into recession.
The real economy is in a deflationary trash compactor with the bottom no where in site, the fake “ponzi” economy that the media types focus on is unable to over come reality. At what point will the inevitable reboot happen when no one is willing to buy the snake oil any longer?
The EU is China’s largest customer...