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Euro zone falls into second recession since 2009
Posted By yihan On November 15, 2012 @ 11:39 am In Money Watch | Comments Disabled
Robin Emmott and Michelle Martin
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 , 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.
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URLs in this post:
 Reuters: http://www.reuters.com/article/2012/11/15/us-eurozone-economy-idUSBRE8AE0HV20121115
 France: http://www.reuters.com/places/france
 Italy: http://www.reuters.com/places/italy
 euro zone: http://www.reuters.com/subjects/euro-zone
 Greece: http://www.reuters.com/places/greece
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