Eurozone officially in recession

[T_i_B]

Source: BBC

The eurozone has officially slipped into recession after EU figures showed that the economy shrank by 0.2% in the third quarter.

This follows a 0.2% contraction in the 15-nation area in the previous quarter from April to June.

Two quarters of negative growth define a technical recession.

The news was widely anticipated and follows data showing that Germany and Italy, two of the biggest eurozone economies, are already in recession.



Read more: http://news.bbc.co.uk/2/hi/business/7729018.stm

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Not good.

[enid602]

1. blame

They´ll blame it on us. I´m living in Argentina for a couple of years, and all the Europeans I meet blame the US for everything.

[T_i_B]

2. over here we are more likely to blame the bankers then anyone else!

I can't comment on what people are thinking in the Eurozone but the British economy is in pretty poor shape and that's who people over here are blaming. Lot's of ranting about pirates in neckties down in the City of London and so on.

[enid602]

5. home prices

It seems to me that most Europeans tended to rent (rather than own) their residences up until 10 or 15 years ago. Now, prospective real estate buyers in Europe have pushed up the prices of real estate beyond comprehension in many countries. Not so different from what´s happened here, but we´re definitely not responsible for what European consumers do.

[T_i_B]

6. Oh, nobody blames America for stupid house prices!

[HereSince1628]

3. I suppose that makes it easier to admit they are in recession

The Cheney administration avoided saying that until the September crash, at which point denial became impossible.

[owen_duffin]

4. Re, UK blaming US

they don't 'blame' the USA, although lots of global incidents had big effects on the global economy, like the Fanny Mae Freddie Mac problems, and the collapse of Lehmans,
but Britain's banks, like Halifax being taken over, Northern Rock being nationised, and people in US and Europe defaulting on repayments all added to it,

our politicians in the U.K. are always to eager to blame each other, rather than proposing how to sort things out,