IMF Chief: Some EU countries technically in recession, probably not EU or eurozone |
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January 6, 2012
The International Monetary Fund chief said Friday that some European countries may be technically in a recession but that does not necessarily apply to the 17-nation eurozone or the European Union.
At a news conference in Pretoria, the South African capital, Christine Lagarde warned 2012 “will not be a walk in the park, that will not be an easy journey.”
“I think some European countries might be technically in a recession. Now whether that means the whole of the eurozone or the whole of Europe is in a recession, I don’t think so,” she said. She did not identify which countries might technically be in recession, which means they would have suffered two consecutive quarters of economic contraction.
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