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Euro zone falls into second recession since 2009

Robin Emmott and Michelle Martin
Reuters [1]
November 15, 2012

The euro zone debt crisis dragged the bloc into its second recession since 2009 in the third quarter despite modest growth in Germany andFrance [2], 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 [3]and Austria shrank.

Economic output in the euro zone [4] 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 [5] 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.

Full story here. [1]