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

Video Five Patients Given Experimental Ebola Drug Said To Be Improving

Experimental drugs have been tried on six people: three Westerners and now, three African pyhysicians More

Video In Ukraine, Fear and Distrust Remain Where Fighting has Stopped

As Ukrainian military reclaims control of eastern cities residents rebuild their lives, but many say everyone is being treated with suspicion More

Video In Rural Kenya, Pressure Builds Against Female Circumcision

Girls learn to object; FGM practitioners face penalties from jail sentences to stiff fines More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Five Patients Given Experimental Ebola Drug Said to Be Improvingi
X
Carol Pearson
August 19, 2014 11:43 PM
The World Health Organization has approved the use of experimental treatments for Ebola patients in West Africa. The Ebola outbreak there is unprecedented, the disease deadly. The number of people who have died from Ebola has surpassed 1,200. VOA's Carol Pearson reports on the ethical considerations of allowing experimental drugs to be used.
Video

Video Five Patients Given Experimental Ebola Drug Said to Be Improving

The World Health Organization has approved the use of experimental treatments for Ebola patients in West Africa. The Ebola outbreak there is unprecedented, the disease deadly. The number of people who have died from Ebola has surpassed 1,200. VOA's Carol Pearson reports on the ethical considerations of allowing experimental drugs to be used.
Video

Video In Ukraine, Fear and Distrust Remain Where Fighting has Stopped

As the Ukrainian military reclaims control of eastern cities from pro-Russian separatists, residents are getting a chance to rebuild their lives. VOA's Gabe Joselow reports from the town of Kramatorsk in Donetsk province, where a sense of fear is still in the air, and distrust of the government in Kyiv still runs deep.
Video

Video China Targets Overseas Assets of Corrupt Officials

As China presses forward with its anti-graft effort, authorities are targeting corrupt officials who have sent family members and assets overseas. The efforts have stirred up a debate at home on exactly how many officials take that route and how likely it is they will be caught. Rebecca Valli has this report.
Video

Video Leading The Fight Against Islamic State, Kurds Question Iraqi Future

Western countries including the United States have begun arming the Kurdish Peshmerga forces in northern Iraq to aid their battle against extremist Sunni militants from the Islamic State. But there are concerns that a heavily-armed Kurdistan Regional Government, or KRG, might seek to declare independence and cause the break-up of the Iraqi state. As Henry Ridgwell reports from London, the KRG says it will only seek greater autonomy from Baghdad.
Video

Video In Rural Kenya, Pressure Builds Against Female Circumcision

In some Kenyan communities, female genital mutilation remains a rite of passage. But activists are pushing back, with education for girls and with threats of punishment those who perform the circumcision. Mohammed Yusuf looks at the practice in the rural eastern community of Tharaka-Nithi.
Video

Video For Obama, Racial Violence is Personal Issue

The racial violence in the St. Louis suburb of Ferguson is presenting U.S. President Barack Obama with an issue to which he has a deep personal connection. To many Americans, Obama's election as America's first black president marked a turning point in race relations in the United States, and Obama has made ending the violence a policy priority. On Monday he issued a new call for calm and understanding. Luis Ramirez reports from the White House.
Video

Video Clinton-Obama Relationship Could Impact 2016 Election

President Barack Obama and former Secretary of State Hillary Clinton have a long and complicated relationship. That relationship took another turn recently when Clinton criticized the president’s foreign policy. VOA National Correspondent Jim Malone reports there is renewed attention on the Clinton-Obama relationship as Hillary Clinton considers running for
Video

Video Iran Looks to Maintain Influence in Baghdad With New Shia PM

Washington and Tehran share the goal of stopping Syrian-based militants in Iraq. But experts say it's Iran, not the United States, that will most influence how the new government in Baghdad approaches internal reforms and the war in Syria. VOA State Department Correspondent Scott Stearns has the story.

AppleAndroid