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  1. #1

    Eurozone officially falls back into Recession



    (EUROZONE) - New figures show the eurozone is back in recession after the economy shrunk in the third quarter of this year. Eurostat's first reading of gross domestic product for the three months ended in September showed a contraction of 0.1% in the eurozone, after a decline of 0.2% in the second quarter -- confirming the 17-nation currency area is back in recession for the first time since 2009.

    Spain is now in the second year of recession. Its economy has been shrinking for 15 months. The economy which saw the biggest fall in the last quarter was the Netherlands - it shrank by 1.1%. Both northern and southern Europe are hurting.

    Leading economies Germany and France managed to eke out modest growth, but the pace of German economic expansion slowed to 0.2% in the third quarter, from 0.3% in the second. France delivered a positive surprise, posting growth of 0.2% compared with expectations for a flat performance, but the Italian economy continues to shrink.

    The Bank of England warned Wednesday that the U.K. economy may contract in the fourth quarter due to the effects of the eurozone crisis. Finland's economy has shrunk 1 per cent over the past year. Unemployment has climbed to a euro-era high of 11.6 per cent for the whole currency bloc, reaching 25.8 per cent in Spain and 25 per cent in Greece.

    Poor economic performance in the eurozone has spurred massive industrial protests. Experts believe that these countries will face many years of hardship. The European Commission forecasts growth for next year to be 0.1% at best.

    Sources:
    http://articles.marketwatch.com/2012...fiscal-union/2
    http://www.bbc.co.uk/news/business-20351728
    http://www.bbc.co.uk/news/world-europe-20340909
    http://www.trt-world.com/trtworld/en...in%20recession
    http://money.cnn.com/2012/11/15/news...one-recession/

  2. #2
    The Lightbringer Istaril's Avatar
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    Wonder how many posts we'll get in before someone blames it on Socialism.

  3. #3

  4. #4
    Quote Originally Posted by SuperMechatronGamer View Post


    (EUROZONE) - New figures show the eurozone is back in recession after the economy shrunk in the third quarter of this year. Eurostat's first reading of gross domestic product for the three months ended in September showed a contraction of 0.1% in the eurozone, after a decline of 0.2% in the second quarter -- confirming the 17-nation currency area is back in recession for the first time since 2009.

    Spain is now in the second year of recession. Its economy has been shrinking for 15 months. The economy which saw the biggest fall in the last quarter was the Netherlands - it shrank by 1.1%. Both northern and southern Europe are hurting.

    Leading economies Germany and France managed to eke out modest growth, but the pace of German economic expansion slowed to 0.2% in the third quarter, from 0.3% in the second. France delivered a positive surprise, posting growth of 0.2% compared with expectations for a flat performance, but the Italian economy continues to shrink.

    The Bank of England warned Wednesday that the U.K. economy may contract in the fourth quarter due to the effects of the eurozone crisis. Finland's economy has shrunk 1 per cent over the past year. Unemployment has climbed to a euro-era high of 11.6 per cent for the whole currency bloc, reaching 25.8 per cent in Spain and 25 per cent in Greece.

    Poor economic performance in the eurozone has spurred massive industrial protests. Experts believe that these countries will face many years of hardship. The European Commission forecasts growth for next year to be 0.1% at best.

    Sources:
    http://articles.marketwatch.com/2012...fiscal-union/2
    http://www.bbc.co.uk/news/business-20351728
    http://www.bbc.co.uk/news/world-europe-20340909
    http://www.trt-world.com/trtworld/en...in%20recession
    http://money.cnn.com/2012/11/15/news...one-recession/
    Northern Europe is hurting? I haven't really noticed. Massive industrial protests? Haven't heard any of those either.
    They should just get rid of Spain, Greece and Italy. They're irresponsible and corrupt. Infact, let's get rid of quite a few countries out of the EU parlament as well, specificly the eastern European ones, let them take responsability on their own instead of hitching a ride.

  5. #5
    The Lightbringer Collegeguy's Avatar
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    I like the translation. It's nice that Finland's economy has shrunk by one cent.

  6. #6
    Quote Originally Posted by Creamy Flames View Post
    Northern Europe is hurting? I haven't really noticed.
    The Finnish and the Dutch economies are shrinking by over 1%, and the UK economy is projected to shrink next quarter? Or are they not Northern enough for you?

    Quote Originally Posted by Creamy Flames View Post
    Massive industrial protests? Haven't heard any of those either.
    Do you read the news? Millions of workers protested in 23 EU countries on Wednesday...

  7. #7
    The Finnish and the Dutch economies are shrinking by over 1%, and the UK economy is projected to shrink next quarter? Or are they not Northern enough for you?
    It is not good but both are tiny markets.

  8. #8
    Quote Originally Posted by Istaril View Post
    Wonder how many posts we'll get in before someone blames it on Socialism.
    Why would you need to be told the obvious?

  9. #9
    Quote Originally Posted by Collegeguy View Post
    I like the translation. It's nice that Finland's economy has shrunk by one cent.
    Actually it says per cent, which is a grammatically correct alternative to percent.

    Quote Originally Posted by Bakis View Post
    It is not good but both are tiny markets.
    The economy of the Netherlands is the 16th largest in the world, not quite sure how that constitutes "tiny". And I'm hoping you're not including the UK in your assertion, as it is the 7th largest economy in the world.

  10. #10
    I am Murloc! Tommo's Avatar
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    As Creamy Flames said, I do feel that a lot of countries are hitching a ride in the eurobus and as a result other countries are being punished.

  11. #11
    Quote Originally Posted by gruyaka View Post
    Actually it says per cent, which is a grammatically correct alternative to percent.


    The economy of the Netherlands is the 16th largest in the world, not quite sure how that constitutes "tiny". And I'm hoping you're not including the UK in your assertion, as it is the 7th largest economy in the world.
    Im most worried about Italy, Spain, Portugal, France is looming at the horizon. It is looking dark indeed.

  12. #12
    Pandaren Monk Willeonge's Avatar
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    Quote Originally Posted by Istaril View Post
    Wonder how many posts we'll get in before someone blames it on Socialism.
    i blame it on socialism
    "Laws should be made of iron, not of pudding."

    “A good act does not wash out the bad, nor a bad act the good. Each should have its own reward.”

    - King Stannis Baratheon

  13. #13
    The Lightbringer Istaril's Avatar
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    Quote Originally Posted by chadwix View Post
    Why would you need to be told the obvious?
    Being told 'The Obvious' by the ill-informed rather disputes the notion of the 'Obvious' being correct.

  14. #14
    Quote Originally Posted by Bakis View Post
    Im most worried about Italy, Spain, Portugal, France is looming at the horizon. It is looking dark indeed.
    I guess the big question is whether the Eurozone will eventually be dissolved or not.
    If things keep up like this then I don't see any future for the Euro.

    Either:
    1.) The Eurozone fixes its shit
    2.) The Eurozone kicks out the moochers
    3.) The Eurozone is dissolved

  15. #15
    Quote Originally Posted by gruyaka View Post
    I guess the big question is whether the Eurozone will eventually be dissolved or not.
    If things keep up like this then I don't see any future for the Euro.

    Either:
    1.) The Eurozone fixes its shit
    2.) The Eurozone kicks out the moochers
    3.) The Eurozone is dissolved
    I'd go with three.

    The euro is just a terrible currency and its showing in this recession, and the European parliament.. I mean what the hell do they do with all the money they get from governments?

  16. #16
    Old God
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    Quote Originally Posted by gruyaka View Post
    The Finnish and the Dutch economies are shrinking by over 1%, and the UK economy is projected to shrink next quarter? Or are they not Northern enough for you?
    Finland's economy didn't shrink this quarter though, it didn't grow much either, 0.3%, it was the 2nd quarter that fucked them, 1st quarter was pretty decent with a 0.8% growth.

    Sweden havn't reported yet but it's not gonna be awesome, I still expect growth though. Norway and the baltic nations are the only ones that have good-decent growth.
    The nerve is called the "nerve of awareness". You cant dissect it. Its a current that runs up the center of your spine. I dont know if any of you have sat down, crossed your legs, smoked DMT, and watch what happens... but what happens to me is this big thing goes RRRRRRRRRAAAAAWWW! up my spine and flashes in my brain... well apparently thats whats going to happen if I do this stuff...

  17. #17
    The US has escaped the chopping block once again!

  18. #18
    Quote Originally Posted by pacox View Post
    The US has escaped the chopping block once again!
    Not so fast!

  19. #19
    Omg things are so much better in Europe than here in the US.


    /sarcasm

  20. #20
    Mechagnome Alakir the Windlord's Avatar
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    Quote Originally Posted by Tedsterz View Post
    I'd go with three.

    The euro is just a terrible currency and its showing in this recession, and the European parliament.. I mean what the hell do they do with all the money they get from governments?
    The EU doesn't have the power to handle the economic policy, nor is the euro's fault that we are in this crisis, it was a result of bad policies in certain member-states. Blame it on the lack of political will from the member-states to transfere more competences to the EU. Also, the EU's budget is pretty small, in 2011 the budget was € 140 billion wich is nothing compared to the sum of the member-states's budgets.
    Last edited by Alakir the Windlord; 2012-11-16 at 11:43 PM.

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