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What will this do to the Eurozone economy? Germany, along with Italy can officially say that they are in recession and it is predicted that Spain will have to admit to the same failures aswell as France. Let’s not forget that Germany is the largest economy in Europe so this could have a large impact on the overall outlook for the Eurozone countries including maybe an affect to the strong Euro. German economy shrank by 0.5% in the third quarter following a fall of 0.4% in the previous quarter, these figures were worse that expected.

Germany also predicts an increase in uneployment figures by 1.1% next year, a final nail in the coffin? At present we are seeing the UK economy shrink at a pace, can the Eurozone start sliding too?