The euro zone fell into a recession in July-September, the second since the global financial crisis in 2009, as French resilience could not make up for a slump across Europe and the three-year debt crisis slowed Germany to a crawl.
Economic
output in the 17-country euro zone fell 0.1 percent in the third
quarter, the EU's statistics office Eurostat said on Thursday, 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 officially in recession, although Italy and Spain have
been contracting for a year already and Greece is suffering an outright depression.
Germany
and France, the euro zone's biggest economies, could not save the bloc
from a double-dip recession even though both countries managed 0.2
percent growth in the quarter. Large, countries like Italy, Spain and
the Netherlands all contracted and Belgium, a big exporter, stagnated.
Millions
of people across Europe protested against government spending cuts that
EU policymakers say are crucial to ending the debt crisis but which
others blame for the economic contraction.
Read more: http://www.cnbc.com/id/49833262
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