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European ministers dismiss claims of a recession

Even though the last quarter saw economic growth shrink by 0.2% there is a still a feeling within the EU that a recession is not a forgone conclusion for the Eurozone. Despite the fact that another negative rate of growth in the next quarter would place the Eurozone economy officially in recession publically at least there has been a show of defiance. But is this for real?

The ministers at the head of the Eurozone table, while suggesting that there would be no recession, confirmed that they would not attempt a US style bailout of the Eurozone economy. Quite how they expect the Eurozone economy as a whole to recover when demand is still falling and there are no plans for financial assistance is a hard one to understand.

The larger economy has been pulled down by the likes of France and Germany but all other members across the board are suffering. Will we see some massaging of the figures in the next quarter? Will we see a big jump in economic activity? Or are we on the verge of a Eurozone recession?

All of these questions will be answered in the course of time but it is not looking good!

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