Posts Tagged ‘EU In A Deep Recession’

EU: recession will be deep and long-lasting

BRUSSELS, Belgium (AP) — The European Union says it is facing a “deep and protracted recession” as a consequence of the world financial crisis.

The economies of the 16 nations that use the euro will shrink by 1.9 percent in 2009, with the entire EU contracting 1.8 percent, the European Commission predicts.

It says 3.5 million jobs will disappear in the EU and government deficits soar as they borrow heavily to stoke growth.

The EU executive warned that the outlook was still exceptionally uncertain, describing the econ0mic crisis as the worst faced by the world since the second world war.

That explains why European cities are having riots..

EU member states are “intensively” monitoring the risk of spreading civil unrest in Europe, as riots over the economic crisis erupt in Iceland following street clashes in Latvia, Lithuania, Bulgaria and Greece.

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