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Eurozone Back In Recession

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The Eurozone Falls Back Into Recession

The north east escorts at our elite escort agency are dismayed at the prospect of yet another dip into recession for the Eurozone. "It's about time something was done, something positive to relieve the current conditions people are having to put up with. Austerity is all well and good if it works, but how long is it going to go on for before we see some change for the better", was one comment made by our Newcastle escorts.

The economy of the 17-nation bloc contracted by 0.1% between July and September, after shrinking 0.2% in the previous three months, Eurostat said. The Eurozone was last in recession in 2009, when the economy contracted for five consecutive quarters.

The news comes a day after millions of workers in Europe held a day of action against austerity measures. Protests in Spain, Italy and Portugal were marred by violence. Countries such as Greece that have been bailed out by international lenders continue to see their economies shrink. Meanwhile larger economies such as Spain have imposed spending cuts in an attempt to avoid having to ask for a bailout.

"This the fall back into recession was totally expected because of austerity policies combined with world growth slowing down and a dramatic fall in activity in Germany and the Netherlands," said Steen Jakobsen, chief economist at Saxo Bank. "The last couple of days have created a new momentum for a major change in policy input, because up until this week, social tension was not part of equation. It seems like the tone has shifted dramatically."

The previous recession started in 2008 in the aftermath of a deep financial crisis, which saw banks bailed out due to bad investments in financial products or property, such as in Spain and Ireland. The austerity measures in many countries - mostly in southern Europe - have combined tax rises with cuts in salaries, pensions, benefits and social services. They were put in place to cut huge government debts, putting more pressure on already weak economies and helping send them into recession.

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