Eurozone back to recession. Output fell in the second quarter by 0.2% and in the third quarter by 0.1%. Two consecutive quarters of output decline = recession
And it all started because a small country (Greece) cheated with its budget reporting and was borrowing 5% more than they said they did (or about $20 billion a year). Investors woke up from their unfounded belief that all is great and stopped lending to Greece, then Portugal, Ireland, Cyprus, Spanish banks etc. Total losses so far: trillions of dollars. The mouse ate the elephant.
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