Europe In Double Dip Recession

Euro Zone Falls Into Second Recession Since 2009 -- Reuters

(Reuters) - The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday.

The two leading economies both managed 0.2 percent growth in the July-to-September period.

But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.

Economic output in the euro zone fell 0.1 percent in the quarter, following a 0.2-percent drop in the second quarter.

Those two quarters of contraction put the euro zone's 9.4 trillion euro ($12 trillion) economy in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.

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My Comment: Countries like Greece and Spain are in depression, and with massive debts across Europe .... I doubt that this will change in the next few years. What strikes me about this economic crisis is that the unrest has not escalated above what has been happening in the past few months .... but with a hard winter approaching, who knows what will be happening on the streets.

Euro Emergency Talks On The Verge Of Collapse

UK's Huge New Euro Bailout: As Rescue Talks Collapse In Chaos, Our Taxpayers Face ANOTHER Massive Bill To Prop Up Single Currency -- Daily Mail

* Efforts to thrash out a rescue deal in chaos after meeting with finance ministers cancelled
* Cameron will say a bigger bailout fund is necessary to avoid economic catastrophe
* Britain has already forked out around £12billion to bail out Ireland, Greece and Portugal

Britain was facing a new multi-billion-pound bill to prop up the euro last night as the single currency teetered on the brink of collapse.

Efforts by France and Germany to thrash out a rescue deal descended into chaos as a meeting of EU finance ministers scheduled for today was cancelled at the 11th hour because of lack of progress.

More than £18billion was wiped off the value of shares in London in just 20 minutes when EU officials also warned that a separate make-or-break leaders’ summit today in Brussels would also fail to end the crisis.

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Update: EU crisis talks in limbo after crucial summit is cancelled -- The Telegraph

My Comment: Now I know what the Romans felt Rome was burning and Nero was "playing his violin".

Europe's Sovereign Debt Crisis Worsens -- News Roundup

Europe Scrambling To Complete Debt-Relief Plan -- Voice of America

With 24 hours to go before another summit, European leaders were scrambling Tuesday to complete a plan to resolve the continent's governmental debt contagion.

The outline of a package of reforms is emerging, but details have yet to be set. The plan calls for European banks to forgive billions of dollars of debt for Greece and sharply increase their own cash reserves. At the same time, the size of the continent's bailout fund would be boosted to assist other debt-ridden countries in the future.

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More News On Europe's Debt Crisis

Debt crisis: live -- The Telegraph
Debt Crisis: live -- The Guardian
Europe: Grimmer by the minute -- CNN
Europe crisis plan talks enter final stretch -- AP
Euro rescue plan may be delayed again -- L.A. Times
Italian coalition talks hit deadlock -- Financial Times
Europe is now leveraging for a catastrophe -- Wolfgang Münchau, Financial Times
Europe's Stupid Plan -- John Carney, CNBC
No quick solution to Europe's debt crisis -- Henry Chu, L.A. Times
'Unknown territory' for Europe if summit fails: France -- MSN News
Three Key Political Hurdles to the Eurozone — Outside of The Summit -- Wall Street Journal
EU Crisis Roadmap: Key Milestones -- Wall Street Journal

It's Come To Jesus Time For The EU

Drowning In Debt, EU Hits Moment Of Truth -- Breitbart/AFP

Nearly two years in, Europe's leaders bid to draw a line under the debt crisis this week and deliver a "lasting" solution to ring-fence their money and prevent EU disintegration.

The stakes are high, in the run-up to marathon Brussels talks amid global pressure to end in-fighting and avert the "scary" future US President Barack Obama fears otherwise awaits us all.

But Europe remains steadfast. "The results of the October 23 summit will be decisive," insisted French Finance Minister Francois Baroin after chairing weekend talks with G20 counterparts in Paris.

In a nutshell, the European Union must:

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My Comment: Some are now starting to openly wonder if we are repeating history.