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The eurozone is tipping into a deeper downturn than America itself despite the tremors in the US mortgage industry, and may already be in full recession for the first time since the launch of the single currency.
Industrial production for the EMU bloc fell 1.9pc in May, according to fresh Eurostat data. It is the sharpest one-month decline for the region since the exchange rate crisis in 1992. Officials in Berlin have warned that Germany's economy could contract by as much as 1.5pc in the second quarter as export orders crumble.
European recession looms as Spain crumbles
Originally posted by nyk537
I was under the impression we were only in these countries "for the oil"...are we not?
I thought I kept hearing about how the only reason Bush and his "oil buddies" declared war was to seize and steal their oil...is that not true?