Eurozone Recession Gets Worse

GDP dropped an estimated 0.6 percent in the fourth quarter

Euro fall in the final three months of 2012 is the biggest quarter-on-quarter fall in a year of contraction, according to figures from European statistical agency Eurostat. 

The worse-than-expected decline - the deepest since the first quarter of 2009 - was driven by GDP slumps in the bloc's major economies, including a shock 0.6pc contraction in Germany and a 0.3pc fall in French output in the fourth quarter.

Comments

[Professional Target]

A friend likes to tell about his wife breaking her arm in Spain. He shows the emergency room person his credit cards and traveler's checks explaining, "See? I can pay." The ER person dismisses this assurance with disdain, "This is not America. We do not worry about such things."

The point of the story is they have socialized medicine and it has not affected their economy. Spain has 26% unemployment.

[Jerry on the boat]

Germany will be fine now the euro is crashing again. They actually don't want to solve the EU crisis, because it will hurt their exports!