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Eurozone at risk of falling into recession, officials say

EU panel slashes forecast for growth in 2012

A man sold vegetable peelers at a street market yesterday in Rome, where the European Commission has started a verification mission to check on Italy’s budget efforts. A man sold vegetable peelers at a street market yesterday in Rome, where the European Commission has started a verification mission to check on Italy’s budget efforts. (Stefano Rellandini/Reuters)
By Gabriele Steinhauser
Associated Press / November 11, 2011

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The European Union warned yesterday that the 17-country eurozone could slip into “a deep and prolonged recession’’ next year as the debt crisis shows alarming signs of spinning out of control. The EU’s economic watchdog, the European Commission, said its central forecast is that the eurozone will grow by only a paltry 0.5 percent in 2012. That’s way down on the 1.8 percent prediction it made in the spring.

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