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Eurozone ‘facing recession right through 2013′
The eurozone faces another full year of recession in 2013 with economic output set to shrink by 0.3 percent after a 0.6-percent contraction last year, the European Commission said on Friday. The winter economic forecast said there would not be a return to growth for the debt-laden 17-state monetary union…
Greece faces sixth straight year of recession
A draft budget presented to Greece’s parliament on Monday forecasts a sixth straight year of recession in 2013 with a 3.8-percent contraction and a public deficit target of 4.2 percent of GDP, the finance ministry said. The ministry added that measures worth 7.8 billion euros ($10 billion) would be imposed…
S&P: Double-dip recession risk rises in United States
The odds the United States will slip back into recession next year have risen, ratings agency Standard & Poor’s said, citing risks from the European debt crisis and budget tightening at year-end. The US ratings firm raised the chance of the US falling into recession to 25 percent, up from…
Greek recession could be much worse than expected
The Greek recession this year could be much worse than expected, with the economy shrinking by “more than seven percent,” Prime Minister Antonis Samaras said Tuesday. The central bank has previously estimated that the economy, now in its fifth year of recession, would shrink by 4.5 percent in 2012. Samaras…
British recession worse than previously thought
Britain’s recession is deeper than thought as official data on Thursday shows the economy shrank 0.3 percent in the first quarter following a higher-than-expected 0.4-percent contraction in late 2011. The Office for National Statistics said in a statement that British gross domestic product (GDP) shrank 0.3 percent between January and…
Spain falls back into recession: official data
Spain fell into recession in the first quarter of 2012 with a decline of 0.3 percent in gross domestic product (GDP), the same rate of contraction recorded late last year, official data showed on Thursday. Final figures released by the the National Statistics Institute (INE) confirmed preliminary data issued on…
Poverty to keep rising due to slow recovery: study
(Reuters) – Nearly 10 million more Americans have been driven into poverty since the 2007-2009 recession began, and the number is expected to increase due to the slow pace of the recovery, according to a study released Wednesday by Indiana University. The study found the number of Americans living in…
For many Americans, jobs crisis to last many years
ORLANDO, Florida (Reuters) – - Despite an upswing in hiring during 2011, the jobs crisis could last many more years as millions of Americans struggle to find work. In Orlando, Florida, Brenda Solomon lost her retail job last May at a department store and was unable to find even temporary…
20,000 demonstrate in Greece against austerity
More than 20,000 public sector workers demonstrated in Athens Wednesday in a strike against deeper austerity cuts that shut down courts, schools and transport, including air traffic. Police used tear gas to clear some of the protesters, who included a 500-strong anarchist group, from central Syntagma Square opposite parliament, an…
Merkel tells Europe to prop up its banks
Germany urged Europe Wednesday to recapitalise its banks where necessary to prevent the eurozone debt crisis from spreading as the IMF warned the EU to get its act together and head off recession. As Greek police tear-gassed protesters in the latest strike over ever-deeper austerity measures, Chancellor Angela Merkel said…
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