Europe In Double Dip Recession

Euro Zone Falls Into Second Recession Since 2009 -- Reuters

(Reuters) - The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday.

The two leading economies both managed 0.2 percent growth in the July-to-September period.

But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.

Economic output in the euro zone fell 0.1 percent in the quarter, following a 0.2-percent drop in the second quarter.

Those two quarters of contraction put the euro zone's 9.4 trillion euro ($12 trillion) economy in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.

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My Comment: Countries like Greece and Spain are in depression, and with massive debts across Europe .... I doubt that this will change in the next few years. What strikes me about this economic crisis is that the unrest has not escalated above what has been happening in the past few months .... but with a hard winter approaching, who knows what will be happening on the streets.