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?