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November 15, 2012

EU Data Show Austerity's Grim Face

“Industrial production plunged across the euro zone in September, suggesting that Europe’s economic downturn is gathering pace as tax increases and government-spending cuts across much of the region take hold.

The figures, together with sharp drops in Greek and Portuguese gross domestic product last quarter that also were disclosed Wednesday, suggest that the euro zone’s GDP failed to expand between July and September for a fourth-straight quarter.”

… 

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