Germany On Verge of Sliding Into Recession

The country is being sucked down by its neighbors

A group of leading think tanks in Germany have cut growth forecasts for the country and warned of recession.

The economic institutes said Europe's biggest economy would only grow 1% next year instead of the 2% they had been expecting six months ago.

But this assumes that the crisis in the eurozone does not worsen.

They also criticised the European Central Bank's latest initiative to ward off the crisis, saying its debt purchases risked fuelling inflation.