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Europe slips back into recession
T

he eurozone has fallen into its second recession since the worldwide financial crisis hit in 2009, the EU's statistics office reported on Thursday. The total economic output of the 17 countries that use Europe's common currency declined by 0.1 percent in the second quarter, as production in the region's powerhouse, Germany, slowed. That marked the second straight quarter of contraction for the eurozone's $12 trillion economy, which meets the official definition of a recession. Some economists say the double-dip recession was "self-made," caused by "excessive austerity" in struggling countries such as Greece and Spain, while others say tax hikes and spending cuts are necessary to keep ballooning government debts from doing even more damage.

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