2 2 mins 9 yrs

Deeper and down…

The eurozone has fallen into a double dip recession, as the debt crisis even managed to slow Germany’s powerhouse economy to a virtual standstill.The 17-country bloc – which generates a fifth of global output – shrank by 0.1 per cent between July and September and by 0.2 per cent in the previous three months. Two falls in a row means a double dip recession. And this time, Germany and France, the eurozone’s biggest economies, could not save the region from a double-dip even though both their economies grew by 0.2 per cent. The news comes a day after violence erupted in cities across Europe as protesters took to the streets in Spain, Portugal, Italy, Greece and France to demonstrate against tough government austerity measures.

Of course, the OVERALL Eurozone figure disguises the catastrophic figures contained within the 17 country bloc.

Isn’t it lucky the UK does not play a part in this disaster….and to think several of our leading politicians dearly wanted us IN…like this chap…

Wonder whatever happened to him? Surely a man with such POOR judgement never made it to the top?

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  1. //Isn’t it lucky the UK does not play a part in this disaster….//

    Meanwhile back in the real world the Pound once again fell against the Euro today, as it has been declining overall for the past week, and indeed the past year, against the EUR. It has also fallen against the USD since Obama was reelected.

    This decline is driven by an extended recession in Britain through most of this year. In any case, in or out, the state of the UK economy and ultimately the strength of the Pound are directly linked to the state of the economy in Europe . If the Euro weakens the UK trade deficit will only widen further.

  2. Yes, the UK has staggered out of double dip and is heading for tripple dip. And then quadruple dip and then….

    He who is without sin among you….

    But fair play to Gordon Brown (as the Daily Mail will never say) at least he kept us out of the Euro.

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