The eurozone is closer to falling into recession
More bad news from Europe:
The eurozone is closer to falling into recession after the regionâ??s escalating debt crisis triggered a sharp drop in industrial output in September.Eurozone factory production decreased by a much larger than expected 2 per cent compared with August â?? the biggest monthly fall since September 2009, according to Eurostat, the European Unionâ??s statistical office. Italy and Portugal saw particularly steep monthly declines.
Squeezing demand still further by imposing strict austerity measures now seems guaranteed to reinforce this negative cycle, rather than break it...
