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Eurozone slides back into recession

Eurozone slides back into recession
A report by Eurostat has shown that the Eurozone has fallen back into recession.

The economy of the area shrank by 0.2% between April and June as well as 0.1% from July to September. The news comes after a day of Pan-European strikes in countries such as France, Spain and Italy.

The Shadow Chancellor, Ed Balls, responded to the news, saying that it was proof that "collectively piling austerity upon austerity ultimately proves self-defeating". He argued that leaders must change their polices or "damage will be done and millions of people will be paying a very heavy price".

Professor Philip Booth, Editorial Director of the Institute of Economic Affairs said that the figures demonstrated that the euro was "flawed as a currency area" and that some countries must leave it.

Green Box: Eurozone slides back into recession Click to open

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