News / Europe

Another Recession Hits Eurozone

Spanish Economy Minister Luis de Guindos stands before a news conference after the weekly cabinet meeting in Moncloa Palace, in Madrid, Spain, November 15, 2012.Spanish Economy Minister Luis de Guindos stands before a news conference after the weekly cabinet meeting in Moncloa Palace, in Madrid, Spain, November 15, 2012.
x
Spanish Economy Minister Luis de Guindos stands before a news conference after the weekly cabinet meeting in Moncloa Palace, in Madrid, Spain, November 15, 2012.
Spanish Economy Minister Luis de Guindos stands before a news conference after the weekly cabinet meeting in Moncloa Palace, in Madrid, Spain, November 15, 2012.
VOA News
Europe's euro currency bloc says it has fallen into its second recession in three years.

The 17-nation eurozone said Thursday its economy contracted one-tenth of a percent in the July-to-September period, following a drop of two-tenths of one percent in the previous three months. That meets the common definition of a recession - two straight quarters of declining growth.

The eurozone's earlier recession in 2008 and 2009 was triggered  largely by the collapse of Lehman Brothers, the now-defunct American investment bank.

The current recession, though, has been centered in Europe itself. It has been marked by the currency bloc's uneven response to its governmental debt crisis over the last three years, record unemployment and bailouts to debt-ridden governments in Greece, Ireland and Portugal.

  • A student holds a lighted torch during a demonstration against austerity measures in downtown Rome, November 14, 2012.
  • A demonstrator blows a horn in front of Spanish riot police during a strike against government austerity measures in Pamplona, Spain, November 14, 2012.
  • Workers from Telefonica phone company take part in a demonstration against the dismissals at their company in Barcelona, Spain, November 13, 2012.
  • Protesters march through Syntagma square in Athens with flags of Italy, Spain, Greece and Portugal, November 14, 2012.
  • A woman dressed as a nun holds a board reading "marriage for everybody" as part of a demonstration against austerity in Paris, November 14, 2012.
  • A protestor lies on the ground during clashes with riot police in Madrid, Spain, November 14, 2012.
  • Demonstrators hold a banner reading 'For solidarity in Europe' in front of the Brandenburg Gate in Berlin, November 14, 2012.
  • A protester covers her head in a plastic bag, meant to show that austerity measures are suffocating Greeks, outside Parliament in Athens, November 14, 2012.
  • Demonstrators march in Porto, Portugal, November 14, 2012.
  • Riot police clash with students in downtown Rome, November 14, 2012.

Germany and France, the eurozone's two biggest economies, advanced slightly in the third quarter, both up two-tenths of one percent. But the economies in Italy, Spain and the Netherlands all contracted.

Debt-ridden eurozone governments have imposed sharp austerity plans to curb their deficits, but the spending cuts have stagnated economic growth. Workers throughout the eurozone's southern tier of countries have taken to the streets in protest of their governments' actions, but European leaders have been resolute in carrying out their plans to control their debt.

Forecasters are predicting that the eurozone economy will advance very slightly next year, barely above stagnation.

You May Like

VOA Exclusive: Interview With Myanmar President Thein Sein

Thein Sein calls allegations that minority Muslim Rohingya are fleeing alleged torture in Rakhine state a media fabrication More

New Yellow Fever Research May Lead to Improved Treatment

Researchers identify features of disease that may lead to more effective treatment More

UN Rights Commission Investigates Eritrea

Three-member commission will start collecting first-hand information from victims and other witnesses in Switzerland and Italy next week More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ebola Economic Toll Stirs W. Africa Food Security Concernsi
X
November 19, 2014 11:39 PM
The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Mexico Protests Escalate Over Disappearances

Protests in Mexico over 43 students missing since September continue to escalate, reflecting growing anger among Mexicans about a political system they view as corrupt, and increasingly tainted by the drug trade. Mounting outrage over the disappearances is now focused on the government of President Enrique Pena Nieto, accused of not doing enough to end insecurity in the country. More from VOA's Victoria Macchi.
Video

Video US Senate Votes Down Controversial Oil Pipeline - For Now

The U.S. Senate has rejected construction of a controversial pipeline to transport Canadian oil to American refineries. The $5 billion project still could be approved next year, but it faces a possible veto by President Barack Obama. As VOA’s Michael Bowman reports, the pipeline has exposed deep divisions in Congress about America’s energy future.
Video

Video Can Minsk Cease-fire Agreement Hold?

Growing tensions between government troops and separatists in eastern Ukraine further threaten a cease-fire agreement reached two months ago in the Belarusian capital of Minsk. Critics of U.S. policy in Ukraine say it is time the Obama administration gives up on that much-violated cease-fire and moves toward a new deal with Russia. VOA's Scott Stearns has more.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.
Video

Video Ferguson Church Grapples with Race Relations

Many white residents of Ferguson, Missouri, say they chose to live there because of the American Midwest community's diversity. So, they were shocked when a white police officer killed an unarmed black teenager in August – and shaken by the resulting protests and violence. Some local churches are leading conversations on how to go forward. VOA’s Ayesha Tanzeem reports.
Video

Video What Jon Stewart Learned About Iran From 'Rosewater'

Jon Stewart, host of the satirical news program "The Daily Show" talks with Saman Arbabi of Voice of America's Persian service about Stewart's directorial debut, "Rosewater."
Video

Video Lebanese Winemakers Thrive Despite War Next Door

In some of the most volatile parts of Lebanon, where a constant flow of refugees crosses the border from Syria, one industry continues to flourish against the odds. Lebanese winemakers say after surviving a brutal civil war in the 1970s and 80s, they can survive anything. Heather Murdock has more for VOA from the Bekaa Valley in Lebanon.
Video

Video China's Rise Closely Watched

China’s role as APEC host this week allowed a rare opportunity for Beijing to showcase its vision for the global economy and the region. But as China’s stature grows, so have tensions with other countries, including the United States. VOA’s Bill Ide in Beijing reports on how China’s rise as a global power is seen among Chinese and Americans.

All About America

AppleAndroid